Birmingham Bank was launched on the 8th January 2021, following the acquisition of Bira Bank (which was formed in 1955 as a trade association owned bank) by Lee Bushell the Chairman of the Bushell Investment Group. From its Birmingham base, the Bank aims to serve SME business clients in the Midlands and then throughout the UK.
Birmingham Bank’s range of financial products have been designed with independent retailers in mind while offering a personal, reliable and transparent banking experience along with highly competitive rates of interest.
APT has asked Frank Burton, Senior Relationships Manager at Birmingham Bank, how ‘iConnect’ helps the bank with direct debit collection.
Birmingham bank was having issues with other High Street banks setting up standing orders for loan repayments and looked at direct debit as an alternative that could put the company more in control. Birmingham Bank’s then parent company the British Independent Retailers Association has been using ‘iConnect’ for its membership subscription collection and offered the system for collecting loan repayments at the bank.
“‘iConnect’ onboarding was very straightforward.” says Frank. “The system has been quite easy to use and integrates well with our core banking system without any difficulty. It has enabled Birmingham Bank to eliminate some of the issues we had with standing orders and offered cost savings.”
Birmingham Bank have started to collect on a small portion of their loan book with a plan to extend payments, by direct debit, to all new loans in the near future. To learn more about Birmingham bank, visit their website.
A big thank you to Frank Burton, Senior Relationships Manager at Birmingham Bank, for answering the questions.Enquire Now