Receipt Bank have launched Pay.
Pay is powered by Plaid and uses open banking to connect to all of the UK’s major banking providers.
Here’s how it works:
- Choose an invoice to pay
- The payment details will be pre-populated. Receipt Bank extracts the sort code and account number from the supplier invoice. These are remembered for future payments.
- Confirm the payee details and log into your online banking, via Plaid
- Confirm the payment and the invoice will be marked as paid in Receipt Bank
In its present format it is aimed at supporting SMEs in managing payments, rather than at accountants offering payments as a service. Thus the offer at the moment is quite different to what Telleroo and CreDec are offering, and closer to what the Transferwise Xero integration provides. Specifically some key differences between Telleroo / CreDec and Pay include:
- Lack of approvals
- Advance scheduling of payments
- Batch payments
Because of the above, it is much more suited to smaller businesses, rather than hierarchical finance teams.
The service is currently available to try for free for a limited time only. After the free trial period, Pay will be available for Clients and Direct users to purchase in-app.
Pay is now available with the upgraded Receipt Bank app for iPhone users with admin privileges who use a Receipt Bank accountant, where you can see all your business costs – so you know what to pay, and when – all in one place. Receipt Bank will soon be rolling out a web browser version, which will give access to Pay to any user regardless of mobile platform.
Sign Up for Receipt Bank’s webinar on Pay to find out more.