Fintech company FreeAgent is set to provide direct bank feeds for its customers banking with RBS and NatWest.
Via Open Banking platform, FreeAgent will offer direct bank feeds exclusively to its SME customers.
The feeds will be initially provided to a select group of test users, and will be fully expanded by the end of this year.
Through using Open Banking platform, the new feature will deliver secure data feeds from customers’ bank accounts into their FreeAgent accounts.
The new feature will allow bank customers to quickly access their accounts with enhanced security and data quality.
NatWest has selected Open Banking technology to help its customers have better control over finances. It is also planning to launch similar features to its personal banking customers through its mobile banking app in the coming months.
FreeAgent is also planning to provide a range of bank feeds and features in the coming years to support small business owners efficiently manage their business.
NatWest specialist businesses and business banking sales MD Paul Thwaite said: “We’re excited to be working in partnership with FreeAgent to offer this latest improvement to our SME customers.
“Using this technology to help our customers view the accounts they hold with us is another important step in offering innovative, convenient options that allow our small business owners and entrepreneurs to focus their efforts on doing what they do best – running their business.”
FreeAgent is an online accounting system developed to meet the requirements of micro businesses, freelancers and their accountants.
FreeAgent noted that more than 40,000 customer use its system across the world to manage their business accounts.
FreeAgent CEO and co-founder Ed Molyneux said: “We’re really excited to be the first accounting software to offer Open Banking feeds in the UK. From our customers’ perspective it will seem like only a small change to their FreeAgent experience, but it represents a significant step in how they will interact with their data in the future.”