UK’s first business banking hub launched

Lloyds Bank, Natwest and Barclays have announced that they will pilot the UK’s first shared business banking hubs.

With the first hub launched a few weeks ago, the pilot will see a further five shared hubs open across the country in the coming weeks.

The hubs have been specifically designed to enable businesses that manage cash and cheque transactions to pay in large volumes of coins, notes and cheques and complete cash exchange transactions.

They will be available on a trial basis to pre-selected business clients in each local area and will offer extended opening times (8am to 8pm) 7 days a week, providing business and corporate customers more flexibility to manage their day-to-day finances.

Deputy CEO of NatWest Holdings and CEO of NatWest Commercial and Private Banking Alison Rose, said, “We have listened to what our business customers really want from our cash services. It is now more important than ever that we continue to offer innovative services, and we are creating an infrastructure that allows small business owners and entrepreneurs to do what they do best – run their business. I look forward to continued working with fellow banks to ensure the UK’s businesses are getting the support they deserve.”

Paul Gordon, Managing Director of SME and Mid Corporates at Lloyds Bank Commercial Banking commented, “SMEs are the lifeblood of the UK economy. We constantly strive to provide our SME customers with options that make simple banking transactions more accessible and convenient. The Business Banking hub pilot is being explored as an additional route for firms looking for flexible banking. Working collaboratively with other high street banks means more businesses will benefit.”

Ian Rand, CEO of Barclays Business Banking, added, “We’re always looking to trial new products to make hardworking businesses’ lives easier and save them time and money. The pilot is designed to complement our existing branch network and innovative cash collect service which enables businesses to schedule cash pick-ups when it’s convenient to them.”

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