NatWest Boxed, the banking-as-a-service arm of the UK retail bank, has announced a strategic partnership with The AA to offer its savings accounts to customers.
Starting from March 2025, AA customers will gain access to instant savings accounts and unsecured personal loans by applying for an account with NatWest Boxed offered by AA.
Backed by an FSCS protected savings account, customers will be able to top-up and withdraw money instantly, while also being able to tap into the benefits of NatWest Boxed’s rates on personal loans that can be approved and dispersed in minutes.
Jakob Pfaudler, CEO of The AA, said: “We are delighted to announce this financial services partnership with NatWest Boxed as we continue to broaden the range of services we offer our members. This partnership demonstrates our strategy to drive growth by expanding our driving services and is supported by the strength of our brand.
“We look forward to working with NatWest Boxed to ensure we are able to offer the products and services that really work for our customers’ needs.”
By offering NatWest Boxed’s suite of financial solutions, AA is expanding its financial services offerings to enable its customers more flexibility and control over their finances when it comes to driving.
The introduction of NatWest Boxed’s services will also diversify AA’s product range for customers, such as expanding the benefits offered to members.
Banking-as-a-Service is yet another example of embedded finance being used to help make non-traditional finance companies integrate modern technologies into their product stack to act as standalone financial service.
NatWest Boxed offers its technology to companies that assist in operations, customer support and compliance, coming directly from the expertise of one of the UK’s leading high-street banks.
The banking-as-a-service arm provides a “modern digital blueprint” that leverages APIs and cloud technologies to deliver banking services that can be scalable and integrated seamlessly.
Andrew Ellis, CEO of NatWest Boxed, commented: “Our partnership with The AA is a significant step in our journey to be the leading embedded finance provider in the UK. Boxed was built to power the financial services aspirations of UK’s biggest brands.
“We are proud to support the ambition The AA has for its customers, using our technology, balance sheet, operational support, and regulatory expertise to drive future growth.”
