Tech Lowdown: Revolut, KashFlow, Xero and moreby
This week, our tech round-up features several new feature from Revolut, Ordo integrates with Contis, a VAT dashboard from KashFlow and NatWest's Rapid Cash integration with Xero.
Revolut introduces Google Pay, online payments for Revolut Business and Co-Parent
Google Pay: Revolut has launched Google Pay as a service within the mobile app for customers in Austria, Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Netherlands, Portugal and Romania. Revolut customers using Android phones can set up Google Pay in the ‘cards’ section of the app and can add their Revolut Mastercard or Visa card to their phone’s digital wallet. Customers can pay without having to enter their payment information wherever the "buy with Goog Play" option is offered.
Revolut Business online payments: UK businesses can now accept card payments online directly into their Revolut Business account. Customers on paid plans receive a monthly allowance of free UK and EEA card payment acceptance at no additional cost. Revolut Business account holders can receive discounts, such as a 1.3% fee for UK and EEA consumer cards and a 2.8% fee for all other cards.
Co-Parent: Parents can add a Co-Parent to supervise their child’s Revolut Junior account. Co-Parent is free for customers on paid plans (Premium and Metal). The lead parent can invite a Co-Parent to join Revolut on any plan, including a Standard plan. The Co-Parent can be another family member, carer or guardian who is responsible for the financial wellbeing of the kids.
- Premium and Metal customers can invite a teammate to jointly manage their child’s Revolut Junior account
- Setting Tasks, Goals and topping up allowances can also be done by a Co-Parent
- Lead and Co-Parents both have full visibility and oversight of the child’s account
Ordo integrates with Contis
Open banking solution Ordo recently announced a strategic distribution partnership with e-money platform Contis. The integration is aimed at removing the hassle from requesting and tracking business payments with immediate
money transfer and automatic invoice reconciliation.
“Open Banking is a game changer for businesses,” commented Ordo co-founder Fliss Berridge. “Not so much the technology, but what that technology means – no more waiting around for funds to appear in your account, no more late nights spent reconciling payments, no more hidden fees and high charges just to earn your income. The world is full of instant on-the-go solutions with real-time notifications and updates, it’s time payments caught up with this, and by partnering with Contis, we can make even more business lives easier.”
KashFlow launches VAT dashboard
KashFlow has launched a new VAT dashboard to streamline MTD for IRIS customers. The dashboard allows firms to manage VAT for their MTD clients in a centralised area and enables accountants to use insights and provide digital advisory for clients.
“Through this new dashboard, firms will be able to clearly see and separate all MTD VAT return clients from non-MTD clients (where appropriate),” commented IRIS Software Group CPO JF Sullivan. “It will also enable partners to submit multiple VAT returns at once, or individually, automatically sending client correspondence when a VAT return has been submitted on their behalf. This significantly saves time and helps businesses and accountants manage finances efficiently – which is vital for survival.”
NatWest Rapid Cash announces integration with Xero
Eligible Xero subscribers can now apply for NatWest’s Rapid Cash service, which offers a flexible line of credit based on outstanding invoices up to £300,000. Customers click through a three-stage process to apply for the funds, which, if approved, are credited to their account within 48 hours. Once outstanding invoices are settled, the balance is repaid. The facility is updated in real-time, removing the need for data entry or uploading invoices.
The move is part of the bank’s strategy to introduce broader connectivity between its suite of ventures for small businesses and other major providers to UK small businesses.