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Industry roundup: 10 August

Santander UK begins roll out of cash management app 

Santander UK has begun the roll-out of a 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 also designed to speed up payments through QR codes and simplify invoicing.

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

The app analyses each business’ data to provide it with categorised insights into its spending, for example how its payroll expenditure on a given month compares to its average over a prescribed period. By analysing a business’ transactions, CashFlow Manager also assesses its future cash flow position to provide detailed forecasts.

Speeding up the payments process is at the heart of the app, and among its key features is a QR code-based payments collection facility. 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. 

Another of the app’s key features is an invoice processing facility, which 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. It integrates contract acceptance and payment instructions to speed up the process by which companies do business with, and pay, their suppliers.

The app is being tested with selected Santander UK Corporate and Commercial Banking customers with a view to it being launched more widely to customers following the initial roll-out phase. Santander UK is one of the first banks to offer this type of open banking-based app with cash flow forecasting, transaction categorisation and QR code-based payments to UK companies.


India launches e-RUPI digital payment solution

The e-RUPI, a cashless and contactless instrument for digital payments, has been launched in India. It is a QR code or SMS string-based e-voucher, which is delivered to the mobile phone of beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider. 

It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.

The solution connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary.

Designed for the delivery of welfare services, private companies can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.


Greengage receives £2.5m institutional investment from IOVLabs Fund

Greengage, which plans to become the first digital asset merchant bank, has announced the addition of its first institutional investment receiving a commitment of £2.5m from Gibraltar-based portfolio firm, IOVlabs. This latest investment will support Greengage’s ongoing expansion, technology developments and team growth, including the hire of a new CFO, head of Operations, head of Compliance and Money Laundering Reporting Officer.

Greengage says that IOVlabs’ vision of creating socially responsible and inclusive financial technology tools aligns with its own mission, including its goal to support the expansion of B2B lending to underserved markets such as SMEs. Greengage will be supporting RSK Blockchain’s, smart contract platform and the RSK Infrastructure Framework (RIF), which provides the building blocks for a fully decentralised economy.

Greengage is currently engaged in the regulatory approval process with the GFSC to receive a Gibraltar banking licence.

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