skip navigation
skip mega-menu

TSB launches new BankiFi app to help business customers receive quicker, more convenient payments

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. d 

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.” 

Learn more by visiting https://revenu.co.uk/

Explore jobs at BankiFi Technology Limited

Customer Support and Engagement

Putting banks at the heart of businessBankiFi 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 your customers use to run their business. We equip banks to become customer centric, rather than product centric - increasing your revenues and reducing costs while allowing your business customers to thrive.The BankiFi team has been involved in cash management and payments for a long time, so our passion to create a business banking experience that reflects the full potential and promise of open banking was evident. Combining the needs of business owners around accounting, invoicing, payments and banking from one platform: the bank.About usThe BankiFi experience is based on our own - so we build solutions that businesses can take advantage of - through the banks. Why through the bank? Because there are banks ‘that get it’, they see the opportunity in open banking and they know they have underserved the segment. We might not always love them – we trust them – still.How we're helping banksOur platform reimagines a bank’s relationship with business customers. No longer is it simply about offering products. Instead, we embed banks within their customers’ daily workflows. Whether it’s ‘order to cash’ or ‘procure to pay’, we make you part of an organisation’s core processes.Deployment optionsWe have a range of options to suit every bank.On-premise or software-as-a-service: run the platform in your own data centre or let us manage it for you in the private or public cloud of your choice.White labelled or co-branded: you can build your own customer experience on top of our business microservices or take our ready made solution and white label it as your own.Our regulatory license or yours: as we are a regulated payment institution you can also leverage our regulatory licence and at the same time utilise our end-to-end technology - meaning no technology build or integration so your service can be up and running in the shortest possible time.Ready to start a conversation and learn more?Get in touch.

BankiFi Technology Limited

Subscribe to our newsletter

Sign up here