Santander is rolling out a new app which will enable businesses to collect payments instantly from customers using QR codes.

The CashFlow Manager app will be available for selected Santander UK corporate and commercial banking customers and will also enable customers to view balances from multiple accounts in one location and simplify invoicing.

The app, which is built on Open Banking technology, has been created in partnership with the FinTech tomato pay.

The app analyses each business’ data to provide it with categorised insights into its spending, for example how its payroll expenditure on a given month compares to its average over a prescribed period.

By analysing a business’ transactions, CashFlow Manager also assesses its future cash flow position to provide detailed forecasts.

The QR code-based payments collection facility enables businesses to request payments from their customers by showing a unique QR code either in person or online.

When customers use the QR code to pay, the payment is settled immediately in the business’ bank account.

The app also features a semi-automated invoice processing facility which embeds the elements of quoting, contract creation and invoicing for businesses to work with their suppliers.

It also integrates contract acceptance and payment instructions between companies and their suppliers.

The app is being tested with selected Santander UK Corporate and Commercial Banking customers with a view to it being launched more widely to customers following the initial roll-out phase.

John Baldwin, head of commercial clients at Santander UK said: “SMEs are working incredibly hard to get on the road to recovery from the pandemic. The CashFlow Manager app is designed to help them by removing the manual and time-consuming workload involved with day-to-day banking so they can instead focus on running and growing their business.

“The QR-code payment collection and invoicing features of the app also have brilliant potential to speed up payments to businesses," he added.

Share Story: