The UK application is meant to provide businesses with instant access to payments collection.
Banco Santander has started rolling out its new CashFlow Manager app in the United Kingdom, making it possible use a QR code to collect payments from customers.
The app was developed as a part of a partnership between Banco Santander and fintech tomato pay.
The CashFlow Manager app lets Santander’s clients in the United Kingdom that use the app link and view their banking details for as many as 98 percent of the banks in the UK. Aside from providing instant features with the use of a QR code, the application also provides a spectrum of other advantages to its users.
For instance, it conducts an analysis of each business’ data, breaking down the insights into spending categories. For instance, it provides a comparison between the one month’s payroll expenditures and the average payroll expenditure over a specified span of time. By conducting a transaction analysis, the app can also assess the user’s future cash flow positions in order to offer detailed forecasts.
The QR code feature makes it possible for faster payments to take place in a convenient way.
These rapid payments are central to the application. It makes it possible for businesses to request payments from their customers by displaying the quick response barcode either online or in person. When the customer scans the barcode, the payment is immediately settled in the company’s bank account.
The application can also be used to assist in invoice processing, embedding quote elements, creating contracts, and invoicing for businesses with their suppliers.
The CashFlow Manager app is currently undergoing a testing phase with a number of Santander UK Corporate and Commercial Banking customers. This is the first stage of the application’s rollout. The goal is to broaden the rollout once this initial stage has been completed.
“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,” explained Santander UK head of commercial clients, John Baldwin, while discussing the app and its QR code feature.