UK-based payments platform VibePay has launched a new business dashboard called the ‘VibePay Business’ – powered by open banking technology.

Small and medium-sized businesses (SMBs) can use this dashboard to activate instant account-to-account payments with their customers.

The dashboard will also allow businesses to see their transactions in one place and access important financial data of their business.

It eliminates the need for using traditional cards and wallets and manages both one off and recurring payments.

It allows monitoring of orders, tracking of payment status, creation of branded invoices, and execution of instant refunds.

The dashboard also offers unique transactional insights to businesses to boost their growth.

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Additionally, the ‘VibePay Business’ dashboard quickly integrates with third-party e-commerce websites as well, noted the firm.

VibePay CEO Luke Massie said: “VibePay has been driving the adoption of Open Banking amongst consumers with its peer to peer app and is now available to SMBs.

“It is the best of Open Banking in action and we are supporting businesses in reaching their potential through the next wave of payment innovation – creating meaningful connections between consumers and businesses through our technology.

“Ultimately it means that SMBs will be able to focus on achieving their ambitions and growing their business, not managing payments.”

In August 2020, VibePay added additional UK banks and payment providers to its platform, while launching a new business account function via its app.

In April 2020, the payments company expanded its European footprint by launching VibePay Payments API for businesses, also powered by open banking tech.

The VibePay Payments API powers payments for brands – both via online checkouts and subscriptions. It gives businesses instant access to their funds and improves cash flow.