Banking technology platform provider, BankiFi, has partnered with TSB to launch Revenu; an app, exclusive to TSB that will allow small businesses to receive quicker payments and to better manage their business finances.
Revenu allows TSB’s business clients 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 app uses Open Banking infrastructure to allow invoices to be settled quickly and securely. In addition, the app connects to existing accounting software to streamline invoice management and liberate business owners from time-consuming financial admin – allowing SMEs to create, manage and see all invoices in one place.
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 – making initiatives such as Revenu even more important.
TSB 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 percent of its SME suppliers on an average of seven days, and 97 percent of all suppliers on an average of nine days.
Small Business Commissioner, Liz Barclay said:
“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.
“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”.
Nick Reid, Head of Sales, Europe and North America BankiFi, said:
“The impact of the pandemic is by no means over, especially for small businesses. That’s why we’re delighted to partner with TSB and put technology in the hands of businesses that directly addresses key challenges, such as late payments, facing the 5.5 million SMEs in the UK.“
“It’s also one of the reasons we and TSB are both proud signatories to the Prompt Payment Code, committing to pay small businesses within 30 days, supporting healthy cashflow and enabling growth.“
Adeel Hyder, Business Banking Director, TSB, said:
“Britain’s small businesses have shown incredible resilience to brave the tough trading climate under the pandemic. By launching Revenu, we are proud to further help their recovery, and future growth.“
“Our latest digital solution will provide a vital boost to cashflow, while equipping customers with essential business management tools – at a time when these hard-working businesses need support the most.“
Sian English | BankiFi
Matthew Hepburn | Media Relations Manager, TSB
T: 07483 431 309 | firstname.lastname@example.org
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Notes to editors
- BankiFi’s partnership with TSB follows a recent funding round of £2.2 million led by Manchester-based Praetura Ventures with participation from Greater Manchester Combined Authority (GMCA) in 2021.
- The Prompt Payment Code is a voluntary code of practice for businesses administered by the Office of the Small Business Commissioner on behalf of the Department for Business Energy & Industrial Strategy.
- TSB became a signatory of the Prompt Payment Code in 2020.The code specifies small suppliers as businesses with less than 50 employees.
- TSB is the first bank to be accredited by the Good Business Charter which has requirements for prompt payment of suppliers, alongside 9 other criteria
- TSB recognises a business as a small supplier if it meets two of these definitions:
- Supplier has less than 250 employees,
- And/or Turnover <£25m
- And/or gross assets £<12.5m
1: Federation of Small Business article in The Times https://www.thetimes.co.uk/article/federation-of-small-business-says-late-payers-threaten-thousands-of-small-firms-nznhbx0w3
BankiFi is a technology platform designed to make business banking better, enabling banks to provide a set of integrated services – accounting, invoicing and payments – designed around the processes SME and trade customers use to run their business. It equips banks to become customer centric, rather than product centric – increasing bank revenues (direct and through actionable insights) and reducing costs.
The company operates out of the UK (Manchester), Belgium and Australia (Sydney). For more details, please visit https://www.bankifi.com.
Click here to read more about Revenu.