Definitions:
NatWest:
National Westminster Bank plc
Rapid Cash Bank Account:
The bank account serving your Rapid Cash Facility; this is the account into which your nominated debtors remit payment for invoices
Rapid Cash Facility:
The working capital facility as set out in your Working Capital Agreement
Rapid Cash Termination Date:
The termination date as specified in the notice of termination letter (which we have provided to you)
Working Capital Agreement:
the working capital agreement, which you have entered into with NatWest and which sets out the Rapid Cash Facility
Why is NatWest withdrawing Rapid Cash?
Following a recent review of the Rapid Cash product, NatWest have taken the commercial decision to stop offering this product to new and existing customers. We appreciate that this will be disappointing and you will require time to decide an alternative funding option.
Why is NatWest withdrawing Rapid Cash during a challenging economic climate?
The economic environment and markets we operate in are continually evolving, often fundamentally and impact what our customers need from a bank to grow and manage their business. This is why we continually review our propositions, making sure they are still relevant, meet current customer demands and deliver commercial value. Following our most recent review of the Rapid Cash business NatWest has made the difficult decision to close Rapid Cash.
If you find yourself in challenging circumstances or financial difficulty, please contact us as soon as possible. Please speak to the Rapid Cash Team on 0330 808 5576 or if you already bank with us please speak to your Relationship Manager or Business Banking Team on 0345 711 4477. Whatever your circumstances, we are here to help.
What will happen to my balance?
Any debt notified to NatWest prior to the Rapid Cash Termination Date will be funded in line with the terms outlined in the Working Capital Agreement, unless you decide to either terminate it, or move to an alternative form of funding or provider before the Rapid Cash Termination Date.
On or before the Rapid Cash Termination Date, you are required to pay to NatWest all liabilities under the Working Capital Agreement, without deduction or set off. Once repaid, we’ll reassign all remaining outstanding notified debts and release the security that we hold under (or in connection with) the Working Capital Agreement.
What alternative products may be available?
There could be alternative funding solutions that available to you following the withdrawal of Rapid Cash. Your business might benefit from other working capital products such as *invoice discounting or an overdraft**. We will be in contact with you from December 2022 to discuss possible, alternative options. In the meantime, the product information can be reviewed on the NatWest website, as follows:
• Overdraft for businesses with a turnover of under £2m view here.
• Overdraft for businesses with a turnover of over £2m view here.
• Invoice Discounting for businesses with a turnover of over £300k view here.
• Alternatively, you could find other potential suitable NatWest funding options on our website here.
Throughout this process, we will try to assist you and where appropriate help you with the process and ensure your business is supported during the transition, which could involve seeking external finance.
Please contact the Rapid Cash Team on 0330 808 5576 or if you already bank with us and have concerns please advise your Relationship Manager or contact our Business Banking Team on 0345 711 4477 (+44 870 511 4477 from outside the UK).
*Invoice financing services are provided by RBS Invoice Finance Limited. Registered in England & Wales No. 662221. Registered office: 250 Bishopsgate, London, EC2M 4AA.
Invoice discounting is for businesses with a turnover over £300k. You must have established credit control and robust in-house ledger systems and be happy to use your debtor book as security.
Security may be required. Product fees may apply. Subject to status, business use only.
ANY PROPERTY OR ASSET USED AS SECURITY MAY BE REPOSSESSED OR FORFEITED IF YOU DO NOT KEEP UP REPAYMENTS ON ANY DEBT SECURED ON IT.
**A business current account is required to obtain an overdraft facility. Security may be required. Product fees may apply. Over 18s only. Subject to status, business use only.
I am unhappy with my Rapid Cash Facility being terminated, what can I do?
If you would like to raise a complaint or any dissatisfaction, please visit https://www.natwest.com/business/support-centre/contact-us/how-to-complain.html. Alternatively, you can contact us on: UK: 03457 11 44 77 & Overseas: +44 3457 114477.
When does my Rapid Cash Facility close?
Your Working Capital Agreement will terminate no later than on the Rapid Cash Termination Date and you must repay all liabilities under the Working Capital Agreement by that date.
What happens if I don’t do anything?
You will no longer be able to draw funds under the Working Capital Facility after the Rapid Cash Termination Date. The Working Capital Agreement will terminate on the Rapid Cash Termination Date.
You will only have view only access to the Rapid Cash platform. NatWest recognise the importance of the facility and our team want to ensure a smooth transition to your future financing arrangements. It is important that you engage with our team so we can work together to agree an orderly exit date and ensure prompt release of remaining outstanding notified debts and release the security that we hold under (or in connection with) the Working Capital Agreement.
What happens if I can’t re-finance before this date?
The notice period we have served to terminate the product stands. However, please contact our Client Management Team on 0330 808 5576 to discuss your circumstances. Calls may be recorded for training and quality purposes. Lines are open 9am to 5pm, Monday to Friday, excluding Bank Holidays.
Can I get my debtors to stop paying into the Rapid Cash Bank Account now?
It is a requirement of your Working Capital Agreement with NatWest that your nominated debtors remit funds directly to your Rapid Cash Bank Account. Your nominated debtors should not remit payment to any other account until your Rapid Cash Bank Account is closed. We recommend speaking to our Client Management Team on 0330 808 5576 as soon as possible to schedule an exit date to enable you to plan when to change payment details. Calls may be recorded for training and quality purposes. Lines are open 9am to 5pm, Monday to Friday, excluding Bank Holidays.
What happens to my Rapid Cash Bank Account when my Working Capital Agreement terminates?
The Rapid Cash Bank Account which your debtors pay their remittances into will remain open for a maximum of 90 days or until the 28th April 2023 (whichever is the soonest) following the Rapid Cash Termination Date. Funds received up to and including the relevant date will be forwarded to your business current account – please refer to the FAQs below.
What happens to remittances from my Debtors paid into the Rapid Cash Bank Account after the Rapid Cash Termination date?
Remitted funds will automatically be forwarded to your business current account in bulk i.e., if you received three payments into the Rapid Cash Bank Account on a given business day, the sum total of the three payments will be forwarded as a single payment. You will retain view only access to the Rapid Cash dashboard to review these payments.
Will I be able to access and view my Rapid Cash transactions after the Rapid Cash Termination Date?
For a limited time, yes. You will retain access to your Rapid Cash dashboard after the facility closure date for a period of 90 days or until the 28th April 2023, whichever is the soonest. You will be able to use your client dashboard, as now, to access your transactions.
Will you continue to post transactions to my accounting package (where this is supported)?
No, after the Rapid Cash Termination Date, we will sever the connection to your accounting package and you will not be able to receive data from your accounts package nor journal transactions back to it. Therefore, for any remittances received post the Rapid Cash Termination Date, it will be necessary for you to manually create the nominal ledger entries in your accounting package. Please note: this FAQ question and answer only applies to clients using Xero, Quickbooks and FreeAgent. There is no change to your existing practices for users of alternative accounting packages e.g., Sage-50.
What happens to any funds received after the Rapid Cash Bank Account is closed?
The account is not able to receive funds once it is closed, therefore any funds remitted to the Rapid Cash account by your debtors post its closure (i.e. a maximum of 90 days post the Rapid Cash Termination Date) will be returned to the remitter.
How will I know if funds remitted to my Rapid Cash Bank Account have been returned to my customer?
It will not be possible to advise you if this situation arises once the Rapid Cash Bank Account is closed. To reduce the risk of this situation arising, we recommend engaging with Rapid Cash as soon as possible to arrange a mutually agreeable termination date so that you can start planning to update your payment details for invoices you issue to your customers, which will be remitted post such termination date.
Can I transfer to my Rapid Cash Bank Account to RBS Invoice Finance?
If you would like to switch to invoice discounting, we’ll use your current info to make the application smoother and faster and tailored to you and your business. You can either speak to your Relationship Manager or contact the RBS Invoice Finance team via invoice.finance@rbsif.co.uk
If using the email please ensure you include your company name, contact details and current facility size.
However, if your requirements change before your Rapid Cash Termination Date , or you’d like to settle your remaining balance, please contact the Rapid Cash team.
Can I continue to use my Rapid Cash Bank Account if I move to RBS Invoice Finance?
Where possible we will look to transfer your ‘trust account’ to RBS Invoice Finance. This will mean you will not have to advise your customers of new account details, making the process simpler.
There will be some instances where this is not possible, but this will be advised by the Invoice Finance Business Manager if this cannot be done.
Can I keep the Rapid Cash Bank Account after the account is closed?
Your Rapid Cash Bank Account will be closed and it will not be able to receive funds once it is closed. That trust bank account is the property of NatWest and is not suitable for use as a current account.
Can I tell my customers to stop paying into the Rapid Cash Bank Account?
It is a requirement of your Working Capital Agreement that your nominated debtors remit funds directly to your Rapid Cash Bank Account. Your nominated debtors should not remit payment to any other account until your facility is repaid and account is closed. We will transfer any outstanding funds to your bank account once your account is closed.
Alternatively, we recommend speaking to our Client Management Team on 0330 808 5576 as soon as possible to schedule an exit date to enable you to plan when to change payment details. Calls may be recorded for training and quality purposes. Lines are open 9am to 5pm, Monday to Friday, excluding Bank Holidays.
What would happen if I can’t repay my Rapid Cash Facility before the Rapid Cash Termination Date?
NatWest recognise the importance of the facility and our team will try to assist you and where appropriate help you with the process and make sure your business is supported during the transition, which could involve seeking external finance.
If you feel you will be unable to repay your facility, it is important that you engage with our team as quickly as possible. Please contact the Rapid Cash Team on 0330 808 5576 or if you already bank with us and have concerns, please advise your Relationship Manager or contact our Business Banking Team on 0345 711 4477 (+44 870 511 4477 from outside the UK).
Useful contacts
If you already bank with NatWest it is best to speak to your Relationship Manager through your usual contact or call Business Banking Team on UK: 03457 11 44 77 & Overseas: +44 3457 114477 Alternatively speak to Rapid Cash Team on 0330 808 5576.