TSB and BankiFi team up to launch Revenu app for small businesses
UK high street bank TSB and banking technology platform provider BankiFi have teamed up to launch Revenu – an app to enable small businesses to receive quicker payments and to better manage their business finances.
TSB says it is committed to supporting the UK’s SMEs to resolve late payment issues
The app is exclusive to TSB’s business clients.
Revenu allows SMEs to collect customer payments from requests sent via SMS, WhatsApp, email and QR code.
“It significantly simplifies the invoice process by providing several flexible, accessible ways of receiving payment and accelerating access to working capital,” the bank says.
The app uses open banking infrastructure. In addition, it connects to existing accounting software to streamline invoice management.
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.
TSB says it is committed to supporting the UK’s SMEs with this issue – be they customers or suppliers.
As part of its Do What Matters Plan, the bank goes beyond the requirements of the government’s voluntary Prompt Payment Code by paying 97% of its SME suppliers on an average of seven days.
Adeel Hyder, business banking director at TSB, says that small businesses “have shown incredible resilience to brave the tough trading climate under the pandemic”, and the launch of Revenu is hoped to help their recovery and future growth.
“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,” comments Liz Barclay, the UK’s Small Business Commissioner.
“Small businesses need to be sure about when they will get paid. Without that certainty they can’t plan, invest and grow. I hope this will be another step along the way to getting rid of the late payment culture that’s dogged the UK for decades.”
BankiFi provides integrated services – accounting, invoicing and payments – designed around the processes SME and trade customers use to run their business. The company was founded in 2018 and operates out of the UK (Manchester), Belgium and Australia (Sydney).
Last year, it raised £2.2 million from Manchester-based investors.
