Starling Bank unveils Bills Manager for SMEs
Starling Bank made its debut Invoice managera new feature that will help small businesses and sole proprietor account customers streamline their finances, according to a Wednesday (July 6) company press release.
The Bills Manager feature allows 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, which will streamline clients’ budget forecasts and business costs.
Payments are synced with Xero and FreeAgent accounting tools through Starling Marketplace and Starling’s Accounting Toolkit, allowing businesses to track 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 the direct debits or standing orders they wish to settle from each space. Customers receive a notification when their invoices have been paid and can view transactions on the platform.
“Our small business customers asked for this feature, so we delivered,” said Helene Bierton, chief banking officer of Starling Bank, in the press release. “Adoption of Bills Manager has been strong among our personal checking account customers, and we’re confident it will also help hundreds of thousands of small businesses better manage their money.”
Related: Why the CEO of Starling Bank said no to crypto
In June, the CEO of Starling Bank Anne Boden said during a session at the Money2020 Europe conference in Amsterdam that “we are in a very dangerous phase” when describing the increased exposure to fraud caused by the use of cryptocurrencies.
She said that’s why the UK-based neobank has so far steered away from digital assets, instead focusing on protecting unsuspecting customers from rising scam risks, especially in countries where crypto wallets are directly connected to real-time payment systems.
Boden added that European banks need to implement stricter know-your-customer, anti-money laundering and onboarding procedures to combat fraud.