At Open Banking Expo UK & Europe, engagement banking provider BankiFi has announced its partnership with Metro Bank, which has selected BankiFi to launch ‘Invoice It’, an easy-to-use app and web-based service which helps SMEs send and receive payments.
In response to demands from UK businesses for financial solutions which help them to send and receive payments in a timely and cost-effective manner, Metro Bank has partnered with BankiFi to launch ‘Invoice It’, providing an end-to-end payments and accounts receivable solution and accompanying engagement support services.
‘Invoice It’ is available for any Metro Bank business or commercial current account customer via iOS and Android apps or the web-based version. ‘Invoice It’ has been launched with the intention to help business and commercial customers of all sizes to get paid quickly.
As well as having its own invoicing option for businesses without an accounting package, ‘Invoice It’ is also compatible with major accounting software, saving businesses even more time on their financial administration.
Nick Reid, head of strategic growth at BankiFi, said: “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.
“Our data shows that 73% of businesses using Invoice It are getting paid within just two days, often in advance of any invoice terms – significantly helping with their cash management.”
Ian Jackson, director of bank accounts, payments and deposits at Metro Bank, added: “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.
“At Metro Bank, we believe boosting cash management is one of the top priorities for UK businesses and enables Metro Bank to continue to attract new customers.”
Founded in 2018 and headquartered in the UK, BankiFi has expanded its operations in North America, Europe, Australia and New Zealand. BankiFi uses Open Banking to provide deeper business finance insights.
Visit BankiFi on Stand G23 at Open Banking Expo UK & Europe on 15-16 October in London. Click here to find out more.
Further reading: Rethinking small business banking
