TrueLayer, Europe’s top open banking platform, and the cutting-edge wealth-building app Chip recently partnered with will result in significantly better customer account transfers result in significantly better account transfers for customers.
With a customized method for each user, Chip gives a range of options to simplify saving. Customers can now invest in real estate, diversify their finances with companies like BlackRock, and save money in accounts with simple access and notice provisions.
Simon Rabin, CEO and Founder 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.”
Chip realized that rapid, efficient payments might help customers reach their savings goals by streamlining the account funding procedure because of new investment possibilities and a rising client base. It is also aware of the advantages of open banking because it worked with TrueLayer to provide secure bank connectivity so that it could examine transaction data and suggest savings to its consumers.
Customers of Chip can quickly and safely use TrueLayer Payments to link their primary bank account to the app utilizing Payments Initiation. With this new procedure, clients can confidently fund their accounts because their payments will reach the Chip app quickly. Chip has an extra assurance that each transaction has been authorized and that funds have been received thanks to real-time payment confirmation.
Nick Tucker, Head of Financial Services at TrueLayer, stated, “As we experience changing market conditions and a cost of living squeeze, helping people save easily and transparently is critical. That’s why we’re delighted to extend 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.”
Transaction fees for cards and other payment methods like Apple Pay are eliminated via the TrueLayer partnership. Greater payment acceptance and quicker settlement also mean less time is spent monitoring declined payments, which eventually causes customer annoyance and support requests.