Slow, or overdue, payment of invoices are a real challenge for many small businesses. As well as the impact this has on cashflow, the administrative burden of managing the receivables process prevents business owners from focusing on growing their companies. Against this background, The Co-operative Bank saw an opportunity to remedy this problem by launching Go Get Paid.

This offers invoicing, payments and accounting functionality to small businesses, and is notable for two reasons. Firstly, the service is available to all small businesses in the UK (including customers of other banks), which has helped to support customer acquisition. Secondly, the proposition takes advantage of open banking payment initiation APIs at the core of the service, demonstrating the value of this functionality to support product innovation.

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