UK-based Fintech Cashplus is updating its mobile-based app with the spend tracking option offered by Google Maps, the company’s management confirmed on February 20, 2020.
The Spending Insights feature uses data obtained from Google Maps to identify where and the exact time when a payment was settled. Transactions can be easily seen and they also display important information such as brand or company logos.
It also comes with Payment Track’s fraud prevention feature, which allows customers to quickly suspend their accounts if there’s any suspicious activity. The software tool puts the payments made via the app into different categories so that users are able to keep track of business spending and link payments to a particular job or customer.
This new feature will complement the current small and medium-sized business (SMB)-related functionality that all Cashplus business clients are able to use. The Open Banking API technology integration connects customer accounts directly to several different platforms for handling accounting work, managing payroll and several other routine tasks can also be completed using the software.
Cashplus has reportedly applied for a full UK banking license and is hoping to receive approval during the first half of this year.
In September 2019, Cashplus confirmed that it had appointed Rahul Duseja as the Fintech firm’s new credit director. Duseja previously worked at American Express as the company’s head of credit risk for UK Commercial Cards and Payments. He has also worked at Accenture.
Paul Schooley, CCO at Cashplus, noted:
“[Duseja’s]deep knowledge of how risk underpins performance, and his extensive [small- to medium-sized enterprises] SME experience, will be incredibly valuable as we move to accelerate our lending growth and develop new products, tailor-made for the small businesses that so often struggle to access the capital they need in order to grow.”
Rich Wagner, CEO at Cashplus, stated:
“Together with features like smart business credit, account freeze and instant account approval, these upgrades make Cashplus an indispensable tool for small businesses. The many thousands of U.K. entrepreneurs, startups and independents using Cashplus will be freed up from tedious admin, leaving them more time to get on with the things they do best.”