TSB has teamed up with Manchester-based fintech Bankifi to launch a small business banking app that helps ease the burden of chasing overdue invoices.
The Revenu app allows TSB’s business clients to collect customer payments from requests sent via SMS, WhatsApp, email and QR code.
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.
On average, SMEs in the UK are owed over £6,000 in late payments. The Federation of Small Businesses also 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.
Small Business Commissioner, Liz Barclay says: “Given that small businesses tell us that they spend as much as one day a week chasing overdue invoices and delayed payments, technology and apps that help them get their invoices out, and payments in, quickly, is very welcome. I hope this will be another step along the way to getting rid of the late payment culture that’s dogged the UK for decades."
The app was developed exclusively for TSB by Bankifi, which recently scored a £500,000 investment from the Co-Operative Bank as part of a co-development deal for a Request to Pay (RTP) app, Incomeing, allowing SMEs to manage invoices, link their accounting software and receive payments.