Metro Bank has partnered with BankiFi to launch a groundbreaking service for SMEs.
- The new service, Invoice It, is designed to streamline payments for business customers.
- Invoice It offers compatibility with major accounting systems, enhancing financial efficiency.
- Business users report faster payment turnaround times with the new service.
- Metro Bank aims to enhance SME cash management through this strategic alliance.
Metro Bank, a pioneering force in high street banking since its inception in 2010, has embarked on a strategic collaboration with BankiFi, a notable engagement banking provider based in Manchester. This partnership aims to introduce ‘Invoice It’, a service specifically tailored for small and medium-sized enterprises (SMEs) which facilitates both the sending and receiving of payments through a user-friendly application. This development responds to the growing demand for modern, efficient financial solutions in the business sector.
The launch of ‘Invoice It’ signifies a substantial advancement in payment processing technology. Available to all Metro Bank Business and Commercial Current Account customers, this service can be easily accessed via iOS, Android apps, or a web-based platform. It provides a seamless integration with existing financial operations, offering an end-to-end solution that goes beyond traditional banking services.
A standout feature of ‘Invoice It’ is its compatibility with major accounting software. This functionality not only simplifies the invoicing process for businesses lacking an internal accounting system but also enhances operational efficiency by minimizing time spent on financial administration. The capacity to integrate with existing accounting frameworks further underscores the service’s versatility and adaptability.
Metro Bank’s business clientele can now divert their resources from the laborious task of pursuing overdue payments to focusing on profitable activities that drive growth. The time efficiency achieved through this service allows businesses to optimise their operations substantially, addressing one of the key constraints faced by SMEs in maintaining cash flow.
According to Nick Reid, Head of Strategic Growth at BankiFi, the impact of ‘Invoice It’ on cash management has been profound, with 73% of users receiving payments notably faster, often within two days. This acceleration of payment terms presents a significant advantage in liquidity management for businesses. Ian Jackson, Metro Bank’s director of bank accounts, emphasised the critical nature of such innovations in a challenging economic climate, particularly for small businesses.
The partnership between Metro Bank and BankiFi represents a pivotal step in enhancing financial solutions for SMEs, promising improved cash management and payment efficiency.
