Metro Bank Launches Cash Delivery Services for SMEs

Metro Bank Launches Cash Delivery Services for SMEs
17.12.2019 05:13 am

Metro Bank Launches Cash Delivery Services for SMEs

Retail Banking

Metro Bank has begun accepting registrations for its on-demand cash collection and delivery service for SMEs across the UK.

‘MCash’ will operate through the bank’s mobile app, where business customers can log on and select a pick-up/drop-off time from 24 hours to a week in advance.

With 4.2 million UK SMEs relying on cash for day-to-day business operations, the service will be a welcome addition to the bank’s customer base. Metro Bank’s customers currently make up to 250,000 trips to deposit or withdraw cash at their branches each year, totalling over £30 million of deposits by SMEs on a monthly basis.

The service will provide a significant productivity boost to SMEs, 46% of which lamented that depositing cash is a waste of time, a recent report by Metro Bank found.

Natalie Ceeney CBE, chair of the Access to Cash Review, adds: “Millions of people rely on cash in the UK - and while there’s been a lot of attention on ensuring consumers can get cash, it’s equally critical that they can spend it.

“Small businesses play a critical role in keeping cash viable, and we need to make it easy for them to keep banking cash, allowing them to remain flexible to consumer preference and to get on with their day-to-day business."

While cyber security is very much the focus in financial services today, the physical security risk of cash handling is a worrying reality faced by SMEs.

Security issues were flagged as a factor of concern with cash handling, as 44% of SMEs surveyed in the bank’s report have felt vulnerable carrying cash from their business with a quarter of respondents having been threatened and robbed or physically harmed.

Paul Riseborough, chief commercial Officer, Metro Bank, says MCash is “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.”

Related News

Masthaven launches fees-free remortgage range

Masthaven Bank has today launched a new fees-free remortgage range on its first charge residential two-year and five-year fixed remortgage products. The specialist bank has... Read more »

TSB unveils support for SME suppliers and customers during Coronavirus outbreak and beyond

TSB announced it will ensure that all of its smallest suppliers will be paid within just 10 days of invoicing the bank. The move will apply to all companies that supply goods... Read more »

Metro Bank and ezbob partner to deliver next-generation small business loans platform

Metro Bank has today announced a new partnership with award-winning Lending-as-a-Service (LaaS) provider ezbob to offer Metro Bank’s business customers fast, secure and... Read more »

Starling Bank Creates 400 Jobs in Cardiff with Opening of Third UK Office

Starling Bank has opened its third UK office, creating 400 data science, fraud and customer service jobs in Cardiff.

The app-only bank has made a strong start to 2020 as... Read more »

Finastra powers retail banking innovation with four new fintech apps on FusionStore

Finastra today announced the launch of four new retail banking apps on ... Read more »

ClickSWITCH to Deliver Account Switching Technology to Finastra Clients

ClickSWITCH today announced that it would deliver ClickSWITCH’s technology to clients of Finastra’s core banking solutions, Fusion Phoenix and Fusion UltraData. The two... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel