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Natwest launches product switch function to align with execution-only process

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  • 22/09/2021
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Natwest launches product switch function to align with execution-only process
Natwest has launched a product switch straight through processing (STP) function to its intermediary channel from today.

 

The change means its product transfer proposition for brokers is aligned with customers who apply to switch their rate with the bank directly. 

Where STP is possible, a variation agreement or European Standardised Information Sheet (ESIS) will be automatically generated and emailed to a broker within one hour of an application being submitted. 

An email will be sent to the borrower at the same time, detailing how to read and accept their new rate online. 

Both the client and broker will receive real time updates on the application as it is processed. Brokers are only able to cancel an application they have initiated, otherwise both the borrower and broker can terminate the process. 

If STP is not possible, product transfer applications will go through the usual process of being manually produced and issued through Adobe e-sign. 

 

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