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