In 2016, savings and investing platform Moneybox partnered with GoCardless, the bank payment company to enable its customers to transfer money into its range of savings and investment products. Eight years later, the two companies have renewed their partnership.
The renewal will see Moneybox continue to rely on GoCardless for direct debit. Furthermore, it will add Same Day Settlement, a feature will shorten the time it takes for their customers to get funds onto the platform. In turn, this will help them save, invest, and earn more quickly. Currently, more than 92 per cent of Moneybox’s payment transaction volumes go through GoCardless.
Kaley Addo, head of investment operations at Moneybox said: “Moneybox has experienced a period of exponential growth in recent years with assets under administration rocketing to more than £7billion and GoCardless has been a valued partner throughout.
“Helping people build and embed positive saving and investing behaviours earlier in life has been at the heart of our business since day one. GoCardless’ Direct Debit capabilities have made it so easy for our customers to make regular contributions toward their financial goals – in a way they trust and can rely on.
“As the team looks towards integrating Same Day Settlement we will enable unparalleled convenience and seamless money transfer with the added advantage that customers will see their money credited to their Moneybox products on the same day that it leaves their bank account.”
Getting money to the right place faster
Pat Phelan, MD of UK and Ireland and chief customer officer at GoCardless
Pat Phelan, MD of UK and Ireland and chief customer officer at GoCardless said: “We’re proud to have supported Moneybox from its inception, scaling with the team to serve more than one million customers today. Bank payments like direct debit are perfect for savings and investment use cases and now, with the introduction of Same Day Settlement, we can help our merchants get their customers’ money to the right place, faster.
“We’re also keen to bring other innovations to the market. For example, we’re investing a lot of time and energy talking to banks and regulators about how we can unlock the full potential of open banking. Variable recurring payments (VRPs), in particular, could have a transformative effect on the savings and investment space. Ultimately, our goal is to help the likes of Moneybox deliver the best, most intuitive and secure payment experience to their customers so that everyone can make the most of their money.”
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