diff --git a/src/components/ReportActionItem/IOUPreview.js b/src/components/ReportActionItem/IOUPreview.js
index f3878c2f2acb..2f584eff2f7b 100644
--- a/src/components/ReportActionItem/IOUPreview.js
+++ b/src/components/ReportActionItem/IOUPreview.js
@@ -189,7 +189,7 @@ function IOUPreview(props) {
                 <View style={[styles.iouPreviewBox, ...props.containerStyles]}>
                     <View style={[styles.flexRow]}>
                         <View style={[styles.flex1, styles.flexRow, styles.alignItemsCenter]}>
-                            <Text style={[styles.textLabelSupporting, styles.lh16]}>{getPreviewHeaderText()}</Text>
+                            <Text style={[styles.textLabelSupporting, styles.mb1, styles.lh16]}>{getPreviewHeaderText()}</Text>
                             {Boolean(getSettledMessage()) && (
                                 <>
                                     <Icon
@@ -230,9 +230,9 @@ function IOUPreview(props) {
                     <View style={[styles.flexRow]}>
                         <View style={[styles.flex1]}>
                             {!isCurrentUserManager && props.shouldShowPendingConversionMessage && (
-                                <Text style={[styles.textLabel, styles.colorMuted]}>{props.translate('iou.pendingConversionMessage')}</Text>
+                                <Text style={[styles.textLabel, styles.colorMuted, styles.mt1]}>{props.translate('iou.pendingConversionMessage')}</Text>
                             )}
-                            {!_.isEmpty(requestComment) && <Text style={[styles.colorMuted]}>{requestComment}</Text>}
+                            {!_.isEmpty(requestComment) && <Text style={[styles.mt1, styles.colorMuted]}>{requestComment}</Text>}
                         </View>
                         {props.isBillSplit && !_.isEmpty(participantAccountIDs) && (
                             <Text style={[styles.textLabel, styles.colorMuted, styles.ml1]}>
diff --git a/src/components/ReportActionItem/ReportPreview.js b/src/components/ReportActionItem/ReportPreview.js
index 93f4a10aba44..087f8494d392 100644
--- a/src/components/ReportActionItem/ReportPreview.js
+++ b/src/components/ReportActionItem/ReportPreview.js
@@ -14,16 +14,15 @@ import ONYXKEYS from '../../ONYXKEYS';
 import ControlSelection from '../../libs/ControlSelection';
 import * as DeviceCapabilities from '../../libs/DeviceCapabilities';
 import {showContextMenuForReport} from '../ShowContextMenuContext';
-import * as StyleUtils from '../../styles/StyleUtils';
+import * as CurrencyUtils from '../../libs/CurrencyUtils';
 import * as ReportUtils from '../../libs/ReportUtils';
 import Navigation from '../../libs/Navigation/Navigation';
 import ROUTES from '../../ROUTES';
 import SettlementButton from '../SettlementButton';
-import getButtonState from '../../libs/getButtonState';
 import * as IOU from '../../libs/actions/IOU';
 import refPropTypes from '../refPropTypes';
 import PressableWithoutFeedback from '../Pressable/PressableWithoutFeedback';
-import CONST from '../../CONST';
+import themeColors from '../../styles/themes/default';
 
 const propTypes = {
     /** All the data of the action */
@@ -76,15 +75,11 @@ const propTypes = {
     /** Callback for updating context menu active state, used for showing context menu */
     checkIfContextMenuActive: PropTypes.func,
 
-    /** Whether the IOU is hovered so we can modify its style */
-    isHovered: PropTypes.bool,
-
     ...withLocalizePropTypes,
 };
 
 const defaultProps = {
     contextMenuAnchor: null,
-    isHovered: false,
     chatReport: {},
     iouReport: {},
     checkIfContextMenuActive: () => {},
@@ -94,12 +89,15 @@ const defaultProps = {
 };
 
 function ReportPreview(props) {
+    const reportAmount = CurrencyUtils.convertToDisplayString(ReportUtils.getMoneyRequestTotal(props.iouReport), props.iouReport.currency);
     const managerEmail = props.iouReport.managerEmail || '';
+    const managerAccountID = props.iouReport.managerID || 0;
+    const managerName =
+        (ReportUtils.isPolicyExpenseChat(props.chatReport) ? ReportUtils.getPolicyName(props.chatReport) : ReportUtils.getDisplayNameForParticipant(managerAccountID, true)) || managerEmail;
     const isCurrentUserManager = managerEmail === lodashGet(props.session, 'email', null);
     const bankAccountRoute = ReportUtils.getBankAccountRoute(props.chatReport);
-    const displayingMessage = ReportUtils.getReportPreviewMessage(props.iouReport, props.action);
     return (
-        <View style={[styles.chatItemMessage]}>
+        <View style={styles.chatItemMessage}>
             <PressableWithoutFeedback
                 onPress={() => {
                     Navigation.navigate(ROUTES.getReportRoute(props.iouReportID));
@@ -108,29 +106,44 @@ function ReportPreview(props) {
                 onPressOut={() => ControlSelection.unblock()}
                 onLongPress={(event) => showContextMenuForReport(event, props.contextMenuAnchor, props.chatReportID, props.action, props.checkIfContextMenuActive)}
                 style={[styles.flexRow, styles.justifyContentBetween]}
-                accessibilityRole={CONST.ACCESSIBILITY_ROLE.BUTTON}
+                accessibilityRole="button"
                 accessibilityLabel={props.translate('iou.viewDetails')}
             >
-                <View style={[styles.flexShrink1]}>
-                    <Text style={[styles.chatItemMessage, styles.cursorPointer, styles.colorMuted]}>{displayingMessage}</Text>
+                <View style={styles.iouPreviewBox}>
+                    <View style={styles.flexRow}>
+                        <View style={[styles.flex1, styles.flexRow, styles.alignItemsCenter]}>
+                            <Text style={[styles.textLabelSupporting, styles.mb1, styles.lh16]}>
+                                {props.translate(ReportUtils.isSettled(props.iouReportID) ? 'iou.payerPaid' : 'iou.payerOwes', {payer: managerName})}
+                            </Text>
+                        </View>
+                    </View>
+                    <View style={styles.flexRow}>
+                        <View style={[styles.flex1, styles.flexRow, styles.alignItemsCenter]}>
+                            <Text style={styles.textHeadline}>{reportAmount}</Text>
+                            {ReportUtils.isSettled(props.iouReportID) && (
+                                <View style={styles.defaultCheckmarkWrapper}>
+                                    <Icon
+                                        src={Expensicons.Checkmark}
+                                        fill={themeColors.iconSuccessFill}
+                                    />
+                                </View>
+                            )}
+                        </View>
+                    </View>
+                    {isCurrentUserManager && !ReportUtils.isSettled(props.iouReport.reportID) && (
+                        <SettlementButton
+                            currency={props.iouReport.currency}
+                            policyID={props.iouReport.policyID}
+                            chatReportID={props.chatReportID}
+                            iouReport={props.iouReport}
+                            onPress={(paymentType) => IOU.payMoneyRequest(paymentType, props.chatReport, props.iouReport)}
+                            enablePaymentsRoute={ROUTES.BANK_ACCOUNT_NEW}
+                            addBankAccountRoute={bankAccountRoute}
+                            style={[styles.requestPreviewBox]}
+                        />
+                    )}
                 </View>
-                <Icon
-                    src={Expensicons.ArrowRight}
-                    fill={StyleUtils.getIconFillColor(getButtonState(props.isHovered))}
-                />
             </PressableWithoutFeedback>
-            {isCurrentUserManager && !ReportUtils.isSettled(props.iouReport.reportID) && (
-                <SettlementButton
-                    currency={props.iouReport.currency}
-                    policyID={props.iouReport.policyID}
-                    chatReportID={props.chatReportID}
-                    iouReport={props.iouReport}
-                    onPress={(paymentType) => IOU.payMoneyRequest(paymentType, props.chatReport, props.iouReport)}
-                    enablePaymentsRoute={ROUTES.BANK_ACCOUNT_NEW}
-                    addBankAccountRoute={bankAccountRoute}
-                    style={[styles.requestPreviewBox]}
-                />
-            )}
         </View>
     );
 }
diff --git a/src/languages/en.js b/src/languages/en.js
index 8e4ebc98ab87..61451c1b78dc 100755
--- a/src/languages/en.js
+++ b/src/languages/en.js
@@ -360,7 +360,10 @@ export default {
         splitAmount: ({amount}) => `split ${amount}`,
         amountEach: ({amount}) => `${amount} each`,
         payerOwesAmount: ({payer, amount}) => `${payer} owes ${amount}`,
+        payerOwes: ({payer}) => `${payer} owes: `,
         payerPaidAmount: ({payer, amount}) => `${payer} paid ${amount}`,
+        payerPaid: ({payer}) => `${payer} paid: `,
+        payerSettled: ({amount}) => `paid ${amount}`,
         settledElsewhereWithAmount: ({amount}) => `paid ${amount} elsewhere`,
         settledPaypalMeWithAmount: ({amount}) => `paid ${amount} using Paypal.me`,
         noReimbursableExpenses: 'This report has an invalid amount',
diff --git a/src/languages/es.js b/src/languages/es.js
index 295b63d7a773..83fec747eac8 100644
--- a/src/languages/es.js
+++ b/src/languages/es.js
@@ -359,7 +359,10 @@ export default {
         splitAmount: ({amount}) => `dividir ${amount}`,
         amountEach: ({amount}) => `${amount} cada uno`,
         payerOwesAmount: ({payer, amount}) => `${payer} debe ${amount}`,
+        payerOwes: ({payer}) => `${payer} debe: `,
         payerPaidAmount: ({payer, amount}) => `${payer} pagó ${amount}`,
+        payerPaid: ({payer}) => `${payer} pagó: `,
+        payerSettled: ({amount}) => `pagó ${amount}`,
         settledElsewhereWithAmount: ({amount}) => `pagó ${amount} de otra forma`,
         settledPaypalMeWithAmount: ({amount}) => `pagó ${amount} con PayPal.me`,
         noReimbursableExpenses: 'El monto de este informe es inválido',
diff --git a/src/styles/styles.js b/src/styles/styles.js
index fc226669696e..dbea05a367c0 100644
--- a/src/styles/styles.js
+++ b/src/styles/styles.js
@@ -2550,14 +2550,14 @@ const styles = {
     },
 
     requestPreviewBox: {
-        marginTop: 8,
+        marginTop: 12,
         maxWidth: variables.sideBarWidth,
     },
 
     iouPreviewBox: {
         backgroundColor: themeColors.cardBG,
-        borderRadius: variables.componentBorderRadiusCard,
-        padding: 20,
+        borderRadius: variables.componentBorderRadiusLarge,
+        padding: 16,
         maxWidth: variables.sideBarWidth,
         width: '100%',
     },
