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Contractor accountants will love the Co-op’s client money tool

Contractor accountants will love the Co-op’s client money tool

The Co-operative Bank recently launched an online banking service that could help contractor accountants manage their client’s money.

Called Financial Manager, the new package lets accountants access an unlimited number of online accounts, which they can group together by individual or company name. The customer money management tool will enable them to segregate client funds when they want to do reconciliations thereby improving the service their clients receive.

Accountants will be able to issue cheques and make and receive payments from each of the virtual accounts. There is also the potential to pool funds in order to benefit from higher interest rates on credit balances and each account comes with a customisable report generator.

Dave Matkin, the Co-op’s head of corporate business development, explained that the bank was constantly looking for ways to improve its support for businesses and offer services that are not available through the traditional business banking providers.

The new product offers both the control and flexibility that have been missing from other Co-op accounts, he added.

Financial Manager compiles with FSA regulations offering data encryption and secure login facilities for all customers.

Despite the uncertain economic climate, the Co-operative Bank has been quietly growing over recent years and it now has until the end of next month to decide whether or not to buy more than 600 branches of Lloyds Bank.

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