Metro Bank has teamed up with BankiFi to enhance SMEs’ payment processes.
- The partnership introduces ‘Invoice It’, an innovative payment solution.
- ‘Invoice It’ integrates seamlessly with existing accounting systems.
- SMEs benefit from quicker payments, improving cash flow management.
- Metro Bank reinforces its commitment to supporting business clients.
Metro Bank, a high street banking challenger, has announced a collaboration with Manchester-based engagement banking provider BankiFi. This partnership marks a significant step in enhancing payment efficiencies for small and medium-sized enterprises (SMEs) across the UK. The newly introduced application, ‘Invoice It’, offers a comprehensive solution to streamline the process of sending and receiving payments.
The ‘Invoice It’ service has been designed to meet the growing needs for modern financial solutions that ensure timely and cost-effective transactions. Available for Metro Bank Business or Commercial Current Account holders, it can be accessed via iOS and Android applications, as well as through a web-based service. This innovation is not only user-friendly but also supports a wide range of accounting software, offering flexibility and ease of integration.
One of the most notable benefits of ‘Invoice It’ is its ability to expedite payment processes significantly. According to Nick Reid, Head of Strategic Growth at BankiFi, ‘Our data shows that 73% of businesses using Invoice It are getting paid within just 2 days, often in advance of any invoice terms – significantly helping with their cash management.’ This feature is particularly crucial in a challenging business environment where efficient cash management is paramount.
The collaboration highlights Metro Bank’s proactive approach in addressing the needs of its business clientele. Ian Jackson, Director of Bank Accounts, Payments and Deposits at Metro Bank, emphasised the importance of such initiatives, stating, ‘This year continues to be tricky for small businesses to navigate, which makes helping them get paid in the fastest, most efficient way possible more important than ever.’
By providing a solution that reduces the administrative burden of chasing late payments, Metro Bank enables its customers to focus on core business activities that are more likely to drive growth. Founded in 2010, Metro Bank was the first high street bank to open in the UK in over 150 years, and its commitment to innovation continues to attract new customers.
Metro Bank and BankiFi’s partnership represents a forward-thinking approach to banking, demonstrating commitment to customer-centric solutions.
