Metro Bank , a UK-based community bank, has entered into a collaboration with BankiFi to launch Invoice It, a new solution that intends to support SMEs in sending and receiving payments. To serve the current demand for optimised and modern financial solutions that allow businesses across the UK to send and receive payments timely and cost-effectively, Metro Bank and BankiFi introduced Invoice It, an app and web-based service.

The solution delivers end-to-end payments and account receivables while being complementary to engagement support services. At the time of the announcement, Invoice It was available for any Metro Bank Business or Commercial Current Account customer via iOS and Android apps or the web-based version. The two organisation’s service focuses on supporting business and commercial customers, regardless of size, in getting paid more conveniently and efficiently. Compatibility, automation, and expansion opportunities In addition to offering its own invoicing option for businesses that do not hold an accounting package, Metro Bank and BankiFi’s solution is compatible with accounting software, which in turn allows enterprises to minimise the time spent on their financial administration processes.

Also, Invoice It mitigates the need for manually chasing up late payments, supporting businesses in eliminating this substantial time problem associated with this process. Instead, users can centre their efforts on optimising core business activities, which are more likely to expand their operations and generate overall growth. When commenting on the announcement, representatives from Metro Bank underlined that, as small businesses still face issues when it comes to getting paid, the financial institution, in partnership with BankiFi, aims to allow them to scale their cash management capabilities. Also, the current move works towards enabling Metro Bank to expand its customer base while also delivering solutions that fit the needs, demands, and preferences of its users. Moreover, the collaboration with BankiFi comes shortly after Metro Bank teamed up with Infosys to augment its IT and support functionalities.

As part of their collaboration, Metro Bank was set to optimise its ongoing efforts to improve efficiency and minimise costs. Joining forces with Infosys intended to help the bank upgrade its digital features, scale automation, optimise data, and integrate additional AI features. .