BankiFi partners with TSB to launch app for SMEs

Thursday 17 February 2022 11:51 CET | News

BankiFi has partnered with TSB to launch Revenu, an app, exclusive to TSB that will allow small businesses to receive quicker payments and to better manage their business finances.

Revenu allows TSB’s business clients to collect customer payments from requests sent via SMS, WhatsApp, email, and QR code. It simplifies the invoice process by providing flexible, accessible ways of receiving payment and accelerating access to working capital.

The app uses Open Banking infrastructure to allow invoices to be settled quickly and securely. In addition, the app connects to existing accounting software to streamline invoice management and liberate business owners from time-consuming financial admin – allowing SMEs to create, manage and see all invoices in one place.

The Federation of Small Businesses recently reported a rise in delayed payment of invoices over the past three months, meaning over 400,000 SMEs could be forced to close in 2022.

TSB aims to support the UK’s SMEs with this issue – be they customers or suppliers. As part of its Do What Matters Plan, the bank goes beyond the requirements of the Government’s voluntary Prompt Payment Code by paying 97% of its SME suppliers on an average of seven days, and 97% of all suppliers on an average of nine days.

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Keywords: product launch, partnership, digital banking, QR code, Open Banking
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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