Companies will be able to purchase goods online from suppliers and reclaim VAT, under a new partnership between NatWest and an e-procurement supplier.
NatWest - part of the Royal Bank of Scotland - has embedded the functions of its traditional purchasing card into the purchase manager software of Tranmit. The Web-enabled purchasing system will be available to companies of all sizes, regardless of who they bank with.
NatWest boasts that it offers the first comprehensive online purchasing service from a high-street bank. The bank also claims to have 41% of the UK purchasing card market and is keen to tap into its existing purchasing card users.
Authorised employees will be able to order and purchase goods online, from a secure Web site. The online purchasing system automates the supply chain and dispenses with the need to collect paper invoices to reclaim VAT.
Purchasing card statements, which automatically reconcile purchase orders with the corresponding invoice, can be used as evidence for reclaiming VAT from Customs & Excise, according to NatWest.