Through the partnership, users of UK-based Chip’s wealth-building app can “easily and securely” connect their primary bank account to the app using Payments Initiation
Through the partnership, users of UK-based Chip’s wealth-building app, which provides investor access to real assets, diversified funds with the likes of BlackRock and savings, can “easily and securely” connect their primary bank account to the app using Payments Initiation.
“This improved process means customers can fund their account with confidence, with their payments arriving in the Chip app swiftly,” the wealth fintech explained.
“Real-time payment confirmation provides Chip with additional assurance that every transaction has been authorised and funds received.”
The collaboration builds on Chip’s previous partnership with TrueLayer that enabled secure bank connectivity to analyse transaction data and make savings recommendations to its users.
The new TrueLayer partnership also removes transaction fees associated with cards and other payment methods such as Apple Pay, and promises higher payment acceptance and faster settlement.
Simon Rabin, chief executive officer and founder at Chip, commented: “Chip’s ambition is to give the customer a one-stop-shop for growing their money and building wealth. Open banking with TrueLayer has been part of our offering for a long time and when it came to examining how to improve payments, extending that collaboration was the obvious choice.”
“Together we are delivering a seamless funding experience that will help Chip customers to meet their financial goals and build their wealth.”
Nick Tucker, head of financial services at TrueLayer, added: “As we experience changing market conditions and a cost-of-living squeeze, helping people save in an easy and transparent way is critical. That’s why we’re delighted to be extending our relationship with the team at Chip.”
“It has been focused on helping people save through a hassle-free digital service that offers a variety of flexible and tailored savings and investment options. We look forward to further extending our collaboration as Chip continues to roll out new features and investment options.”