High Street banking challenger Metro Bank has partnered with Manchester-based engagement banking provider, BankiFi, to launch Invoice It – the easy-to-use app and web-based service which helps SMEs send and receive payments.
Across the UK, businesses are seeking modern financial solutions which help them to send and receive payments in a timely and cost-effective manner. In response to these demands, Metro Bank has partnered with BankiFi to launch Invoice It, providing an innovative end-to-end payments and accounts receivable solution and accompanying engagement support services.
Invoice It is available for any Metro Bank Business or Commercial Current Account customer via iOS and Android apps or the web-based version. Invoice It will help business and commercial customers of all sizes to get paid quickly.
As well as having its own invoicing option for businesses without an accounting package, Invoice It is also compatible with major accounting software, saving businesses even more time on their financial administration.
Metro Bank customers can now move on from manually chasing up late payments, and free themselves of the significant time burden associated with this practice, instead working towards core business activities, which are more likely to generate growth.
Nick Reid, head of strategic growth at BankiFi said: “Metro Bank is a great example of a bank that’s really listening to the needs of its business and commercial customers and ensuring they’re being reflected in new products. Our data shows that 73% of businesses using Invoice It are getting paid within just 2 days, often in advance of any invoice terms – significantly helping with their cash management.”
Ian Jackson, director of bank accounts, payments and deposits at Metro Bank added: “This year continues to be tricky for small businesses to navigate, which makes helping them get paid in the fastest most efficient way possible more important than ever. At Metro Bank, we believe boosting cash management is one of the top priorities for UK businesses and enables Metro Bank to continue to attract new customers.”
Founded by Anthony Thomson and Vernon Hill in 2010, Metro Bank was the first new high street bank to launch in the United Kingdom in over 150 years at launch. It is listed on the London Stock Exchange and haled total equity of £1.134bn according to its 2023 annual results.
