Metro Bank partners with BankiFi to digitalize SME payments.
- Metro Bank and BankiFi launch ‘Invoice It’ for efficient payment management.
- New service integrates with major accounting software, boosting automation.
- Businesses achieve faster payments, enhancing overall cash flow management.
- Metro Bank reinforces commitment to supporting SME financial needs.
Amidst the evolving financial landscape, Metro Bank has formed a strategic partnership with BankiFi, a Manchester-based engagement banking provider, to introduce ‘Invoice It’. This innovative service is designed to streamline payment processes for small and medium enterprises (SMEs) by offering a user-friendly app and web platform. This collaboration represents a significant step towards digitalizing financial transactions within the SME sector in the UK.
Aimed at enhancing operational efficiency, ‘Invoice It’ is accessible to Metro Bank’s Business or Commercial Current Account holders through both mobile applications and its web-based interface. The service allows businesses of varying sizes to manage their payments swiftly and efficiently, effectively reducing the time spent on financial administration. Notably, ‘Invoice It’ is equipped with its own invoicing feature and ensures compatibility with major accounting software, thereby providing a seamless experience for users.
By implementing ‘Invoice It’, Metro Bank facilitates the transition of its customers from time-consuming manual payment follow-ups to a more automated system. This innovation not only alleviates the burden of unpaid invoices but also allows businesses to focus on core operations that drive growth rather than financial chasing. Furthermore, the data indicates that 73% of users are receiving payments within two days, often ahead of their invoice terms, thereby significantly improving cash flow management.
Nick Reid, head of strategic growth at BankiFi, emphasized the importance of this service by stating, “Metro Bank is a great example of a bank that’s really listening to the needs of its business and commercial customers and ensuring they’re being reflected in new products.” Such partnership initiatives highlight Metro Bank’s proactive approach in understanding and addressing the financial challenges faced by SMEs in the current economic climate.
Ian Jackson, director of bank accounts, payments, and deposits at Metro Bank, highlighted the critical nature of efficient payment solutions for small businesses, especially in a challenging year. He stated, “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.” Metro Bank’s dedication to improving cash management is integral to its strategy to attract and retain clientele within the competitive banking sector.
The partnership exemplifies a forward-thinking approach to solving SME payment challenges through innovation and technology.
