GoCardless and Moneybox, a prominent savings and investing platform, have renewed their partnership, furthering an eight-year collaboration.
Established in 2016, Moneybox has relied on GoCardless as its preferred payment method since its inception, enabling seamless money transfers into its diverse range of savings and investment products. Today, GoCardless handles over 92% of Moneybox’s payment transaction volumes.
The partnership renewal will see Moneybox continue to utilise GoCardless for Direct Debit services, with the addition of the Same Day Settlement feature. This enhancement will significantly reduce the time it takes for customers to transfer funds to the platform, thereby facilitating quicker saving and investment opportunities and enabling customers to earn returns more rapidly.
GoCardless specialises in bank payments, offering solutions that simplify the direct debit process for merchants and consumers alike. This capability has been crucial in serving high-volume and recurring transaction needs across various sectors. On the other hand, Moneybox is dedicated to encouraging saving and investing habits among its users, providing a user-friendly platform that supports a range of financial goals from saving for retirement to investing in stocks and shares.
The collaboration between GoCardless and Moneybox is aimed at enhancing the financial transaction process, making it faster and more efficient for Moneybox customers to invest and save. By integrating Same Day Settlement, Moneybox not only accelerates the fund transfer process but also ensures that customers can manage their financial goals without delay.
Looking ahead, GoCardless is committed to driving innovation within the financial transaction sector. Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless, highlighted the company’s ongoing conversations with banks and regulators aimed at unlocking the full potential of open banking. Innovations like Variable Recurring Payments (VRPs) are seen as particularly promising for transforming savings and investment processes.
Reflecting on the growth and evolution of the partnership, Kaley Addo, Head of Investment Operations at Moneybox, remarked: “Moneybox has experienced a period of exponential growth in recent years with Assets Under Administration rocketing to more than £7bn 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.”
Pat Phelan also expressed pride in the longstanding relationship, stating: “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.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
