Starling Bank debuted Bills Manager, a new feature that will help small businesses and sole trader account customers streamline their finances, according to a Wednesday (July 6) company press release.
The Bills Manager feature enables small businesses to have a direct debit or standing order taken from money in their so-called Savings Spaces rather than their main account.
When a payment is due, the money will be taken directly from the space, streamlining customers’ budget forecasting and business costs.
Payments are synced with accounting tools Xero and FreeAgent through the Starling Marketplace and Starling’s bookkeeping toolkit, allowing businesses to keep track of incoming invoices, outgoing payments and value-added taxes.
Bills Manager customers can go to their Savings Space, tap Manage Space, then “Pay bills from this Space.” They can then choose which direct debits or standing orders they would like to pay from each space. Customers receive a notification when their bills have been paid and can view the transactions on the platform.
“Our small business customers requested this feature, so we’ve delivered,” said Helen Bierton, chief banking officer at Starling Bank, in the press release. “Uptake of Bills Manager has been strong among our personal current account customers, and we’re confident it will help hundreds of thousands of small businesses better manage their money too.”
Related: Why Starling Bank CEO Said No to Crypto
In June, Starling Bank CEO Anne Boden said during a session at the Money2020 Europe conference in Amsterdam that “we’re in a very dangerous phase” when describing the heightened exposure to fraud caused using cryptocurrencies.
She said it’s why the U.K.-based neobank has so far steered away from digital assets, instead focusing on protecting unsuspecting customers from increasing scam risks, particularly in countries where crypto wallets are directly connected to real-time payment schemes.
Boden added that European banks need to implement tougher know your customer, anti-money laundering and onboarding procedures to curb the combat fraud.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More