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Santander begins CashFlow Manager app launch

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Santader UK has begun a rollout of CashFlow Manager app for payments, cash flow management and invoicing for UK companies.

31st Aug 2021
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Banco Santander has partnered with tomato pay to launch UK CashFlow Manager app to speed up payments through QR codes and simplify invoicing. The app uses the Open Banking ecosystem to provide a single view of multiple balances and transactions across different financial services firms that include 98% of UK banks.

Available for corporate and commercial banking accounts, CashFlow Manager displays balances and transactions for accounts businesses hold with their various banks. 

The app is being tested with selected Santander UK Corporate and Commercial Banking customers with a view to it being launched more widely to customers following the initial roll-out phase.

The app analyses business data to provide categorised insights into spending. Insights include:

  • How payroll expenditure on a given month compares to average over a prescribed period. 

  • Future cashflow position to provide detailed forecasts by analysing business transactions.

Biometric authentication is also a built-in feature of the app.

tomato pay CEO and co-founder Nicholas Heller said: “With Santander UK, we’ve created an app that joins two critical elements – cash flow management and payments.” 

“After a tough year for UK businesses, we wanted to create something with a tangible impact,” he added.

To date, Santander has spent £300m on its tech-based services following the growing use of fintech banking since the start of the pandemic. HSBC opened up a £15bn lending fund for businesses with a turnover of up to around £42m (€50m), in a bid to buoy businesses with less capital backing. 

Faster payments

As the primary component of the app, businesses can request customer payments by providing a unique QR code for them to pay with, which is processed into the business bank account immediately.

The payment is not created until authorised in the banking app, so users can abandon the payment process anytime beforehand without a payment being created, and there are no chargebacks or card fees.

The maximum amount that can be transferred using Open Banking is £250,000. Transactions in the CashFlow Manager app are refreshed every 4 hours.

Invoice processing

CashFlow Manager embeds the elements of quoting, contract creation and invoicing for businesses to work with suppliers. 

It integrates contract acceptance and payment instructions to streamline the relationship and payments process between business and supplier.

“SMEs are working incredibly hard to get on the road to recovery from the pandemic,” commented Santander UK commercial clients head John Baldwin said. “The app is designed to [remove] manual and time-consuming workload involved with day-to-day banking.”

“The QR-code payment collection and invoicing features of the app also have brilliant potential to speed up payments to businesses,” he added.

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Replies (7)

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By Hugo Fair
01st Sep 2021 13:31

"tomato pay" ?
Really ?
Couldn't they have chosen something with a longer shelf-life ?

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Replying to Hugo Fair:
Maddy Christopher
By Maddy Christopher
01st Sep 2021 13:41

Agreed. Naming a fintech after a salad component makes no sense.

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By ireallyshouldknowthisbut
01st Sep 2021 13:47

So in words that those who are not a computer nerd and over 40 might understand:

So i get that the software which will generate a QR code for payment. OK great. I guess you can put it on your invoice, or email or text to the client.

So how does the customer pay using this code?

ie what read this code exactly? And why is this quicker for the customer than making a bank transfer or paying with a credit card?

Do THEY need to install software on a device of some kind? Most things like this fall over as you have to install unique stuff and clients dont like that as its a time drain.

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Replying to ireallyshouldknowthisbut:
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By AdamMurphy
01st Sep 2021 13:58

Another of accounting/finances "ooh look at our shiny new toy which actually takes longer than before"

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Replying to AdamMurphy:
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By johnt27
02nd Sep 2021 10:22

By scanning the QR code the app will take you directly to your bank app (typically on your phone) which will also prepopulate the payee details, verify them, and populate the payment amount, references etc. Open banking payments cut out all the manual processes you typically encounter, that can (occasionally be subject to human error), resulting in almost one click payments

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Replying to johnt27:
By ireallyshouldknowthisbut
02nd Sep 2021 10:51

Right, so its (a) a prerequisite that your customer ALSO uses open banking.

And so are these QR codes are universal?

or just unique to Santander? ie if I have open banking with say Barclays, or someone else can I then pay using it?

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Replying to ireallyshouldknowthisbut:
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By johnt27
02nd Sep 2021 11:33

No prequisite. Most UK banks now offer openbanking connections, which is what this is tapping into. Some leftfield banks may not be connected yet but the high street ones and new fintechs are. The implementation amongst high street banks can be a little different and some openbanking payments apps have struggled with these banks changing their APIs particularly on the business banking side. Consumer side seems to work very well.

QR codes - not sure what you mean. But they essentially encode the necessary details to trigger your bank app to open and populate the payment details so it doesn't really matter who the customer banks with, subject to the above caveats.

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