The technology is intended to “make customers’ lives easier whilst helping them to better manage cash flows,” the release stated. It will let customers create, track and manage invoices on the app. They’ll be able to access lists of previous clients saved, as well as the products and services they provide.
“This latest initiative is another string to our bow when it comes to serving the U.K.’s businesses after what has been a strange and difficult year for us all,” said Metro Bank Chief Commercial Officer David Thomasson in the release. “[Small- to medium-sized businesses (SMBs)] across the country are crying out for convenient, easy-to-use banking tools that free up precious time to run and grow their businesses. We’re doing our bit to make their lives a little more hassle-free.”
Customers will be able to manage cash flows more easily, see the payment status of invoices, and automatically reconcile invoices with the corresponding payments, according to the release.
In addition, customers will also be able to include their company logos on the invoices. That service will be free for any Metro Bank Business Bank Account numbers. It could be an asset to small business users trying to save money on the expenses of using an accountant or a cloud accounting software, the release stated.
Those invoicing features will be available for customers using online banking later this year, according to the release.
Metro Bank has been launching a larger suite of digital tools over the past year, with the aim of aiding business customers in managing money. Last year, the bank partnered with Clear Books to offer an accounting software solution for SMBs, including online and mobile bank feeds and financial management tools, PYMNTS reported.
Manual accounts receivable (AR) products are becoming extinct, PYMNTS reported separately, with the pandemic showing that they’re even less useful in a primarily virtual work environment. Nearly 90 percent of companies using automated AR processes benefit from them.
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