Managing your business banking via an app is a very appealing feature, but what if you have more than one person in your business who regularly needs to access to the account?
This is where Starling Bank‘s new multi-owner accounts for business users come in – allowing more than one user to dip in and see what is going on with the company account, send payments and conduct regular account functions.
The term being used is that the accounts are for businesses with more than one ‘person with significant control’. An example of this might be a business where both the owner/director and the finance director need close access to the banking, or where there is more than one owner.
A person with significant control (PSC) typically owns 25% or more shares of a business and/or 25%+ of the voting rights. This new account has been built for businesses where multiple PSCs who are also directors of the company need access to the account, such as husband and wife and civil partnership teams.
The new multi-person banking account comes 16 months after Starling released their accounts for single-person businesses.
Announced at the end of July, the new feature should make Starling’s offering more appealing to an expanded profile of suitable mid-sized and larger businesses in the SME sector.
Opening up our business account to SMEs with more than one PSC (person of significant control) will give hundreds of thousands more companies access to our features, meaning they can manage their finances conveniently on their smartphone without having to worry about where their nearest bank branch is and when it will be open.Anne Boden – Starling Bank founder and CEO