OakNorth to provide business banking services in UK
Digital bank in beta to provide wire banking services
Digital bank OakNorth is in the early stages of testing to provide wire banking services in the United Kingdom.
The London-based bank is beta-testing business banking services, including operational accounts, cards and payments, Chief Executive Rishi Khosla told Bank Automation News.
Founded in 2015, the $4.8 billion bank has distributed 10 billion pounds ($13 billion) in loans and is now expanding its offerings to include Financial Services Compensation Scheme-backed bank accounts, according to the OakNorth website. For now, OakNorth offers personal savings accounts and business loans.
OakNorth business clients can now join a waitlist for business banking services, according to OakNorth’s website. Business banking clients will have access to:
- An easy application process for business and corporate accounts;
- Secured banking with FSCS-backed accounts, protecting funds up to $100,000; and
- A bank that caters to lower- and middle-market entrepreneurial clients.
OakNorth clients include hospitality company Simmons Bars, engineering solutions provider Clavis IDS and senior-living business Springfield Healthcare.
Khosla did not disclose when the business banking service will go live.
