Moneybox, a renowned savings and investing platform, has extended its partnership with GoCardless, a leading bank payment company.
This collaboration, spanning over eight years, has been pivotal in facilitating efficient money transfers into Moneybox’s diverse array of savings and investment products.
The essence of this partnership renewal is to leverage GoCardless for Direct Debit services and integrate the new Same Day Settlement feature. This advancement will drastically reduce the time required for funds to reach the platform, thereby enabling customers to save, invest, and accrue earnings more swiftly.
Moneybox launched in 2016, selecting GoCardless as its preferred payment method right from the start. Currently, over 92% of Moneybox’s payment transaction volumes are processed through GoCardless, underscoring the critical role it plays in Moneybox’s operations.
GoCardless, renowned for its robust Direct Debit capabilities, has been instrumental in supporting Moneybox’s rapid growth, which has seen its Assets Under Administration soar to over £7bn. The company is not only enhancing existing features but also actively exploring future innovations in the financial technology space, such as open banking and Variable Recurring Payments (VRPs).
This renewed partnership will focus on enhancing customer experiences by providing quicker access to funds and exploring new technological advancements.
Moneybox Head of Investment Operations Kaley Addo commented, “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.
“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.”
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