Metro Bank opens SME registration for on-demand cash service
UK challenger Metro Bank has opened registrations to its new on-demand cash collection and delivery service for small and medium enterprises (SMEs), MCash.
Managed through Metro Bank’s mobile app, business customers will be able to log on and select a day for a cash pick-up and drop-off.
According to research commissioned by the bank, 34% of SMEs have to travel to their local bank at least once a week, while 46% agree that depositing cash is a waste of their time.
The Bank’s research also reveals that 44% of senior decision makers at SMEs that handle cash have felt vulnerable carrying it outside of their business.
“MCash brings the latest technology to bear on an age-old problem – how to support SMEs that need to deposit and withdraw notes and coins,” says Paul Riseborough, chief commercial officer at Metro Bank.
“It’s another example of the game-changing digital innovations that Metro Bank is bringing to the market to help give our SME customers the edge in today’s competitive market.”
The bank announced a partnership in December with Canadian technology firm Sensibill to launch a receipt management beta for SMEs.
The new feature, available via the Metro Bank app in 2020, will allow users to capture receipts using a smartphone camera and have them be automatically added to their transaction history.