Santander UK launches CashFlow Manager app created by tomato pay

By Joy Dumasia

Santander UK has launched an innovative new mobile app, built using open banking technology, for its Corporate and Commercial Banking clients. The app provides Santander UK’s clients with a ‘single view’ of numerous account balances and transactions across their different banks. 

Created by tomato pay, an open banking FinTech for small and medium-sized enterprises (SMEs), the CashFlow Manager app is designed to speed up payments through QR codes and simplify invoicing.

CashFlow Manager displays all balances and transactions for accounts businesses hold with their various banks in one neat location. Santander UK’s clients who use the app can link and view their banking details for up to 98% of UK banks.

CashFlow Manager enables businesses to request payments from their customers by showing a unique QR code either in person or online. When customers use the QR code to pay, the payment is settled immediately in the business’ bank account. 

The invoice processing facility is designed to save businesses time by streamlining and semi-automating what is otherwise a manual and time-consuming process. CashFlow Manager embeds the elements of quoting, contract creation and invoicing for businesses to work with their suppliers.

John Baldwin, Head, Commercial Clients, Santander UK, said: “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.”

Recently, IBS Intelligence reported that Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Santander UK, today announced the rollout of Santander UK’s international cash management platform as part of the bank’s ongoing digital transformation programme.