By Aisling Finn on Thursday 5 August 2021
Business customers will be able to create invoices, manage transactions and create QR codes for payments in the new CashFlow Manager app.
Unlocking new features for SME customers has been a high priority for many banks over the last year and Santander’s latest offering is a perfect marriage of fintech and incumbent banking services.
Santander has today begun the rollout of its new cash flow management, payments and invoicing app which it built in collaboration with Tomato Pay (formerly known as Fractal Labs).
The new app will enable customers to view all their finances in one place, even enabling them to see transactions and balances across their other bank accounts thanks to open banking.
Users of the new app will also be able to streamline payments, using QR codes and simplify invoicing too.
“After a tough year for UK businesses, we wanted to create something with a tangible impact, giving them financial freedom from the minute they log into the CashFlow Manager app,” Nicholas Heller, CEO and co-founder, Tomato Pay, said.
In the CashFlow Manager app, users are also able to semi-automate their invoicing processes, which is often arduous and time-consuming, thanks to embedded functions in the app that allows businesses to create contracts, invoices and quotes all within the app.
“SMEs are working incredibly hard to get on the road to recovery from the pandemic,” John Baldwin, head of commercial clients at Santander UK, added.
“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 new app is being tested by selected Santander SME customers, with hopes to roll it out across a wider range of business banking customers soon.
Earlier this year, Tomato Pay CEO and co-founder of SME payments marketplace Paybase Anna Tsyupko as its new chief operating officer.
Tsyupko’s mission was to help Tomato Pay expand its payments capabilities as part of its winning BCR Pool E bid, as well as growing its customer numbers, compliance and legal and human resources teams.
On winning BCR Pool E funding, Tomato Pay joined forces with tax app Untied to commercialise a cash flow management tool called SMART (SMEs Manage Accounts Receivables and Tax).
In February 2021, it was announced that thanks to the joint work on SMART, Untied had made the first open banking-powered payment to HMRC, in a huge step towards open finance.