The Co-operative Bank has launched its own online banking service for businesses managing client money.

‘Financial Manager’ has been developed for businesses such as wealth managers, accountants and solicitors to simplify the day-to-day running of client money.

It aims to reduce staff costs and time, streamline the reconciliation process and lower firms’ compliance risk by complying with FSA client money rules.

The service includes the ability to generate custom reports, make and receive payments and issue cheques and pool funds to take advantage of higher credit interest rates.

Users can open an unlimited number of accounts which can be grouped by different categories and allocate names to match company records. These references can then be used to match transactions.

Dave Matkin, head of corporate business development at The Co-operative Bank, said: “Financial Manager is an online complete end-to-end customer money management package that gives the company full control over its clients’ money.

“It allows a business to segregate client funds easily and efficiently, to complete reconciliation, reduce staff costs and time and improve the service they provide to their customers.

“Despite the economic uncertainty of the last few years, this is another illustration of how we continue to expand our support for businesses.”