The Co-operative Bank has launched a new online banking service designed to help businesses that manage money on behalf of clients.

Financial Manager has been developed for businesses that manage customer money, such as solicitors, accountants, care homes, charities, wealth management and property companies, and the public sector.

It allows access to an unlimited number of virtual accounts which can be easily grouped together, such as by individual, company or property name and provides a facility to allocate account names and references so that they can be matched to those on company records for reconciliation.

It also lets users make and receive payments or issue cheques against each virtual account and offers the potential to generate income by pooling funds held in accounts to take advantage of higher rates of credit interest available on larger balances and an option to set varying interest rates on virtual accounts.

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.