IBOS member Santander UK has begun the roll-out of an innovative new mobile app, built using open banking technology, for its Corporate and Commercial Banking clients.
The app is among the first of its kind to be offered by a UK bank and has been created in partnership with tomato pay, an open banking fintech for small and medium-sized enterprises (SMEs). With this, CashFlow Manager enables businesses to view account balances from multiple banks in one place, simplifying invoicing, and collect payments from customers instantly using QR codes.
The app analyses each business’ data to provide it with categorised insights into its spending. For example, how its payroll expenditure on a given month compares to its average over a prescribed period. By analysing a business’ transactions, CashFlow Manager also assesses its future cash flow position to provide detailed forecasts.
CashFlow Manager enables businesses to request payments from their customers by showing a unique QR code either in person or online. When customers use the QR code to pay, the payment is settled immediately in the business’ bank account.
An additional key feature of the app is an invoice processing facility, which is designed to save businesses time by streamlining and semi-automating what is otherwise a manual and time-consuming process. CashFlow Manager embeds the elements of quoting, contract creation and invoicing for businesses to work with their suppliers. It integrates contract acceptance and payment instructions to speed up the process by which companies do business with, and pay, their suppliers.
Read the full press release via Santander UK here.