TSB Launches Revenu App to Enable SMEs to Receive Quicker, More Convenient Payments

Banking technology platform provider, BankiFi, has partnered with TSB to launch Revenu, an app exclusive to TSB that will allow small businesses to receive quicker payments and to better manage their business finances.

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​Revenu allows TSB's business clients to collect customer payments from requests sent via SMS, WhatsApp, email and QR code. It significantly simplifies the invoice process by providing several flexible, accessible ways of receiving payment and accelerating access to working capital.

The app uses Open Banking infrastructure to allow invoices to be settled quickly and securely. In addition, the app connects to existing accounting software to streamline invoice management and liberate business owners from time-consuming financial admin – allowing SMEs to create, manage and see all invoices in one place.

On average, SMEs in the UK are owed over £6,000 in late payments. The Federation of Small Businesses also recently reported a rise in delayed payment of invoices over the past three months, meaning over 400,000 SMEs could be forced to close in 2022 – making initiatives such as Revenu even more important.

TSB is committed to supporting the UK's SMEs with this issue – be they customers or suppliers. As part of its Do What Matters Plan, the bank goes beyond the requirements of the Government's voluntary Prompt Payment Code by paying 97 percent of its SME suppliers on an average of seven days, and 97 percent of all suppliers on an average of nine days.