CAMBRIDGE, England, October 17, 2012 /PRNewswire/ --
CashFlows today announces a unique business bank account in the UK that will enable businesses to increase their cash flow through an immediate reduction in expenditure on bank charges. The CashFlows Account will consolidate existing business banking services, simplify financial processes and reconciliations and reward customers with higher interest and lower fees.
Through a ground-breaking agreement with Shawbrook Bank, the CashFlows Account will pay customers a market leading 1 per cent interest on all current account balances.
Modelled on a range of business types and industry data, CashFlows can reduce the amount a business spends on fees and charges by up to 40 per cent, allowing them to 'recycle' that cash back into their day to day business operations. Businesses are able to instantly check the money they can make and the interest that they can earn using the CashFlows Calculator.
The CashFlows Account brings together a wide range of domestic and international payment standards and consolidates business banking services into one account, simplifying the day-to-day management and banking reconciliation of many businesses.
According to research conducted online by YouGov, British small businesses alone collectively spend more than £2.3 billion per year on transaction charges and fees to run their business banking. The CashFlows Account allows businesses to manage their payments and banking more efficiently and save money on bank fees and charges, potentially delivering savings of more than £1 billion a year to UK businesses.
Nick Ogden CEO, CashFlows, and 2010 UK Entrepreneur of the Year, said: "CashFlows is able to innovate and differentiate itself from high street banks because we have re-designed and simplified the financial services supply chain, building a new business service from scratch. Today's banks are operating on disconnected systems and processes that don't meet the demands of modern businesses. One of the benefits of overhauling outdated models like this is that you can increase efficiency and reduce costs."
"The CashFlows Account is already recognised by every other bank in the world, with its own sort code and account number. This combination of immediate savings and rewards allows our account holders to release cash from their day to day banking activities and grow their business, for example through hiring additional staff or benefitting from increased working capital. We are confident that every business in the UK has cash that it can recycle and CashFlows can help businesses pinpoint their own free cash flow using the CashFlows Calculator on our website."
Businesses' banking and payment needs have changed beyond all recognition in recent years. The Cashflows Account directly supports today's businesses with next generation, end-to-end business banking services. CashFlows® consolidates a large range of business banking services and innovative payment solutions into a single, transparent bank account. It enables businesses to fully integrate and simplify their banking processes, and we financially reward our account holders through fair transactional charges and interest on their account.
This unique, multi-faceted approach gives account holders flexibility, convenience, and security over their cashflow, removing the traditional need for multiple accounts, and provides the first real service choice to British business for many years.
CashFlows is a trading name of Voice Commerce Limited. Voice Commerce Limited is authorised and regulated by the UK Financial Services Authority (FSA), is a principal member of VISA, MasterCard SWIFT, UK Payments Council, PCI Security Standards Council and the Global E-Money Council.
About Nick Ogden
As CEO of CashFlows, Nick is primarily responsible for the company's overall corporate strategy and business development.
Nick has been recognised by a number of industry awards including one UK top 100 Internet pioneers, the UK Ernst and Young Entrepreneur of the Year Award, the Computer World Global IT Leaders award, the ID People Awards 2009 and most recently, the National Business Awards UK, in which he won the Entrepreneur of the Year category 2010-2011. In 2011 he was made a Fellow of the Royal Society of the Arts and in 2012 was enrolled as Honorary Certified International Cards and Payments Professional by ICAP
A serial entrepreneur Nick has consistently been at the forefront of innovation in technology since 1985. In 1993, he founded Multi Media Investments Limited, a technology research and development company that brought the Internet to the Channel Islands through Interactive Telephony Ltd. This led to the construction of Europe's first on-line store, Wine Warehouse, in October 1994 and the development of one of the first bank-endorsed e-commerce initiatives in the form of the UK's first electronic shopping mall, 'BarclaySquare', in 1995.
In 1997 Nick founded WorldPay, which guarantees internet transactions worldwide, and led the company through its growth to over 270 employees with 20,000 merchants in 120 countries and processing transactions in excess of $2bn per annum. WorldPay was acquired by the Royal Bank of Scotland in 2002
In 2003 Nick, formed the Voice Commerce Group to develop mobile payment systems which allow individuals to identify themselves using a voice signature. Voice Commerce Group owns Cashflows, Voicepay and KYC Secure and its European operational base is in Cambridge.
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