Banco Santander has started pushing out its latest updates and features of its Cashflow Manager app to its users in the UK who would be able to use it to view and manage their accounts across most of the banks in the UK from a single interface.
Businesses would also be able to collect payments from their customers through QR codes. This app is currently reported to be covering around 98% of all the banks in the UK. The app also analysis the credits and spending of a specific bank account and would be able to advise companies about where their revenues come from and where they are spending a lot and this kind of analysis would then be used to find out areas where the companies can do better and make a saving of their funds. The app would also be able to analyze the cash flow transactions and would then be able to advise on how the cash flow would be in the future so that the businesses can find out where the risks are and can take appropriate action if needed.
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.”
The key, as John said, for the app is the fact that faster payments would be possible using it for both businesses as well as users. Businesses would be able to generate a QR code immediately for every payment and this code would be shown to the user either online or offline and once the user makes the payment, it would be reflected immediately in the account of the company which is what businesses would be like as it makes life easier in terms of accounting and also ensuring cash flow at all times for the business. Apart from these facilities, the app also has normal invoicing and reporting features that can be seen in many banking apps.