UK-based savings and investment platform Moneybox has renewed its eight-year partnership with bank payment company GoCardless, adding its ‘Same Day Settlement’ feature.
GoCardless has been Moneybox’s preferred payment partner since the savings platform launched in 2016. Moneybox now has more than £7 billion in assets under administration.
Currently, more than 92% of Moneybox’s payment transaction volumes go through GoCardless.
Following the renewal of the partnership, Moneybox will continue to rely on GoCardless for Direct Debit, while adding ‘Same Day Settlement’, which shortens the time it takes for their customers to get funds onto the platform.
Kaley Addo, head of investment operations at Moneybox
Kaley Addo, head of investment operations at Moneybox, said: “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.”
She added: “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.”
Pat Phelan, managing director of UK & Ireland and chief customer officer at GoCardless, said: “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,” Phelan added.
GoCardless is a platinum partner of Open Banking Expo UK & Europe on 15-16 October at the Business Design Centre in London. Check out the speaker line-up, agenda and other exhibitors and sponsors here.
Further reading: Open Banking – are we on the same page?
