The NatWest Rapid Cash product is built on Waddle’s core working capital platform, which has been customised to meet the local UK market and enterprise bank requirements.
Waddle says the successful implementation means RBS is one of the first banks globally to offer an automated working capital solution to its customers.
And Waddle says the pilot to date has resulted in more than 400 client applications and in excess of £10 million in funds extended, with plans now underway to scale the product throughout the RBS customer base.
And Waddle says an indicative quote can be obtained in just a few seconds, with the credit limit adjusted ongoing in real time as invoices are raised and paid by the business.
“When RBS reached out 12 months ago, it was immediately obvious that we shared a similar vision on the future of working capital products in the SME space,” said co-founder of Waddle, Simon Creighton.
“The combined RBS-Waddle team were able to come together across geographies and deliver a bank branded product within a four-month delivery timeframe. That speaks volumes in itself and something I am really proud of the combined team for.”
Creighton said the Waddle platform will allow RBS to automate its operational processes and move to a real-time approach to portfolio management, with efficiency gains allowing the bank to be the price leader within the space.
“The international nature of this partnership introduced new challenges we’d not faced before. Creating quality software requires a strong collaborative process and doing this across time zones is hard,” said co-founder of Waddle, Nathan Andrews.
“Technically, some of the initial decisions we made around contemporary cloud tools and scalable software architecture put us in good stead. These lean tools and processes created a platform that could support our core engineering team. Our team has been incredible and is the main reason for our success so far.”