Cashplus launches ‘instant approval’ online business account

Online banking service Cashplus has announced the launch of a new business current account, which it claims will allow users to establish an account instantly without needing to wait for approval.

Cashplus, which is wholly owned by e-payment specialists Advanced Payment Solutions (APS), claims that the instant account is the first of its kind in the UK.

The service will allow business owners to receive an account number and sort code to begin using immediately, following the completion of an online application process.

The company claims business owners currently have to wait up to four weeks for current accounts set up with high street banks to become fully functional.

Companies House research found that of the 450,500 new companies established in 2012, almost half of applications for business current accounts will be declined by banks.

The Cashplus account claims to address this shortfall, with businesses guaranteed an online approval following completion of verification checks – regardless of their credit score or whether or not they are currently trading.

Richard Wagner, chief executive of APS, said: “Businesses increasingly want to self-service online and they don’t want to have to go through a lengthy process and travel to a branch to open a bank account.

“We’ve reduced the traditional multi-step process to a one-stop five minute activity that can usually be done completely online.”