Santander has started the roll-out of its CashFlow Manager app for businesses in the UK market.
According to Santander, the app will enable companies to view account balances from various banks in one place as well as collecting payments from customers instantly using QR codes.
CashFlow Manager – created through a partnership with UK FinTech tomato pay – will also allow Santander’s UK clients who use the app to link and view their banking details for almost 100% of UK banks.
The app scrutinises the data of each business to provide it with personalised insights into its spending. Through analysing a companies’ transactions, the app is able to assess its future cash flow position to offer in-depth forecasts.
Santander highlighted that faster payments are a ‘key component’ of the app, an offering that allows businesses to request payments from their customers by showing a QR code unique to them either online or in person. When users use the QR code for payment, the payment is immediately settled in the bank account of the company.
The CashFlow Manager app is currently being tested by selected Santander UK Corporate and Commercial Banking customers with an intention of it being launched on a wider scale following the first roll-out phase.
Santander UK head of commercial clients John Baldwin said, “SMEs are working incredibly hard to get on the road to recovery from the pandemic. The CashFlow Manager app is designed to help them by removing the manual and time-consuming workload involved with day-to-day banking so they can instead focus on running and growing their business. The QR-code payment collection and invoicing features of the app also have brilliant potential to speed up payments to businesses.”
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