Source: Metro Bank
Metro Bank today announces that it has enabled Direct Debit origination for its business customers via its partnership with Bottomline Technologies.
The bank’s announcement comes after it revealed in February that it had become a direct participant of Bacs, the Pay.UK-operated payment system.
Metro Bank business customers will be able to create, automatically collect and manage payments with their own customers via Direct Debit. Historically, many smaller SMEs have missed out on this service and the benefits it brings.
For Metro Bank’s business customers, it will give them greater control of their cash flow and will save valuable time with less chasing of payments and time-consuming reconciliation.
This new functionality comes as Metro Bank continues to expand its business banking expertise and disrupt the status quo as part of its Capability and Innovation (C&I) Fund commitments.
In October 2019 the bank launched an in-app Business Insights tool to make managing business finances easier, helping customers to make more data-driven decisions and manage their cash flows better. This was followed in December 2019 with the release of MCash. Managed through the bank’s mobile app, business customers can select a day for cash pick-up and / or drop-off from as close as 24 hours away, and up to a week in advance.
In March 2020 Metro Bank also announced a new online loan application journey for SMEs. From initial application through to ID and verification, customers will be able to secure a loan in just a few minutes - all from the comfort of their own home.
David Thomasson, Chief Commercial Officer at Metro Bank, comments: “I’m thrilled to confirm that our business customers can now collect payments via Direct Debit and enjoy the many benefits that brings. Less complexity and a slick, easy-to-use system will save our customers significant time and hassle.”