European open banking platform TrueLayer will collaborate with digital bank Zopa to make account-to-account payments more seamless.
Zopa launched its Smart Saver earlier this year with a focus on helping consumers at the start of their savings journey and enabling them to deposit money into different ‘Pots’ with different interest rates and access requirements.
TrueLayer will now support Zopa with instant, secure account-to-account payments that will remove the need to enter any card or bank account details. Instead, customers will select the ‘instant bank transfer’ option at the top of the payment screen and authenticate their identity with biometrics to confirm the payment.
According to Truelayer, the company will provide Zopa with numerous operational benefits beyond improving the customer experience through smoother deposits. This includes lower processing fees compared to cards and other deposit methods and real-time payment confirmation and settlement.
Zopa chief strategy officer Merve Ferrero said, “The Zopa Smart Saver combines the best of both banking and fintech when it comes to helping customers save money. By building on the foundations of the easy access account but evolving it, Zopa offers a higher interest rate in a sustainable manner. At the same time, it gives users control over how and when they access their money based on their goals. And we’re only getting started. Over the next 12 months we plan on doubling our savings portfolio to £2 billion while continuing to find innovative ways to help our customers grow their money”.
TrueLayer head of financial service Nick Tucker added, “Zopa’s Smart Saver is already shaking up the savings market with its innovative, hybrid approach. We’re delighted that Zopa recognised the significant value TrueLayer’s open banking platform will deliver through seamless, secure and instant payments that also creates an opportunity for it to develop a deeper relationship with its customers. We look forward to building on our collaboration in the coming months as Zopa continues on its journey to help people save.”
Earlier this year, WealthTech Douugh partnered with TrueLayer to strengthen its access to open banking data in Australia.
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