Banking technology platform provider BankiFi has partnered with TSB to launch the Revenu app for small businesses.
The app is exclusive to TSB and will allow small businesses to collect customer payments from requests sent via SMS, WhatsApp, email and QR code.
There are about 5.5 million SMEs in the UK with fintech firms and banks constantly trying to stand out in a very competitive market. With that in mind, the duo brought in Small Business Commissioner Liz Barclay to add words of praise.
She notes: “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.”
Nick Reid, Head of Sales, Europe and North America, BankiFi, points out: “We and TSB are both proud signatories to the Prompt Payment Code, committing to pay small businesses within 30 days, supporting healthy cashflow and enabling growth.“
The app uses open banking infrastructure to allow invoices to be settled. In addition, the app connects to existing accounting software for invoice management – allowing SMEs to create, manage and see all invoices in one place.
According to TSB, 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.
Manchester-based BankiFi has a keen interest in SMEs.
Back in December, the fintech firm announced a co-development deal with the Co-operative Bank. This will see the bank invest an initial £500,000 with the funding to be used to co-develop a range of products for the SME market, with the initial focus being on cash management.
That investment followed a funding round of £2.2 million led by Manchester-based Praetura Ventures with participation from Greater Manchester Combined Authority, in addition to previous investment by Nationwide – already on the board.
BankiFi explained that the Co-operative Bank will be the first to take any products developed to market, but those services will then be made available to banks worldwide.