savings and investments
The “one-stop shop for wealth creation and wealth accumulation” will use the open banking platform to enhance its services.
Image Credit: Nick Tucker and Simon Rabin / Truelayer and Chip.
Open banking platform TrueLayer and wealth building app CHIP are collaborating to improve the savings experience for customers.
The partnership aims to provide customers with an improved in-app experience through “dramatically faster” account payments.
This removes transaction fees associated with cards and payment methods like Apple Pay.
According to the companies, customers will spend less time managing failed payments due to higher payment acceptance and faster processing.
Simon Rabin, Chip Founder and CEO, said: “Open banking with TrueLayer has been part of our offering for a long time, and when it came to exploring how payments could be improved, expanding this collaboration was the obvious choice. “
“Together we offer a seamless financing experience that helps Chip customers achieve their financial goals and build their wealth.”
The app has already recognized the benefits of open banking by partnering with TrueLayer to enable secure banking, analyze transaction data and provide savings recommendations.
Now the company is also able to offer its customers efficient and fast payments to help them achieve their savings goals.
Customers can also connect their primary bank account to the app through the Payments Initiative.
“With changing market conditions and a lower cost of living, it’s important to help people help save in a simple and transparent way,” said Nick Tucker, TrueLayer’s head of financial services.
,[Chip] The focus is on helping people save through a hassle-free digital service that offers a variety of flexible and tailored savings and investment options,” he said.
Chip offers multiple options when it comes to savings, with easy access and the ability to build wealth through investing in real assets and diversified funds, including termination accounts.
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