B2B Payments

Metro Bank Pilots Corporate Expense Management Tech

U.K.-based Metro Bank has begun piloting a new corporate expense management solution in partnership with Canadian FinTech Sensibill, a press release said Wednesday (Dec. 11).

The new service provides automated data capture on receipts for professionals traveling and making purchases on behalf of their companies. The technology allows users to take a photo of a receipt, with data automatically captured and entered into transaction history for reconciliation.

Reports said Metro Bank plans to augment the service with bookkeeping, invoicing and VAT return capabilities integrated into the app, which will also connect to cloud accounting service providers.

The service will be free, with Metro Bank already piloting the service with select business clients, the press release said, adding that the bank is planning on a full launch of the service early next year.

“Accounting tasks, along with chasing invoices and staying on top of receipts, are major pain points for [SMBs],” said Metro Bank Chief Commercial Officer Paul Riseborough. “By partnering with Sensibill we’re offering an innovative, digital solution that solves real problems for our customers, saving them time spent on admin and allowing them to focus on running and growing their business. And this is just the first piece in the puzzle as we set about developing a major new digital ecosystem of services to help [SMBs].”

“Metro Bank is building a suite of compelling tools that will help transform the small business banking experience in the U.K.,” added Corey Gross, Sensibill co-founder and CEO. “Our partnership with Metro Bank demonstrates our shared focus to deliver customer-centric solutions that improve the financial well-being of banking customers.”

The receipt data capture service is financed through Metro’s 120 million pounds ($158 million) in funding it received from the Capability & Innovation Fund, managed by Banking Competition Remedies and established as a result of RBS’s requirement to reserve $1 billion to industry competitors in lieu of divesting its Williams & Glyn subsidiary.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

TRENDING RIGHT NOW