Following this announcement, the renewal of the partnership is expected to see Moneybox continue to leverage GoCardless’ suite of services and expertise for Direct Debit. In addition, it will also add the Same Day Settlement, a feature that was developed to shorten the time it takes for their clients to get funds onto the platform. This is set to optimise the manner in which customers save, invest, and earn more quickly.
Furthermore, both financial institutions will continue to focus on meeting the needs, preferences, and demands of users and clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Moneybox launched in 2016 with GoCardless as its preferred payment method, which enabled customers to transfer money into its wide range of savings and investment tools. GoCardless’ Direct Debit capabilities also made the process of making regulator contributions toward customers’ financial goals easier.
The addition of Same Day Settlement will enable convenience and secure money transfers to clients, with the added advantage that users will have the possibility to see their money credited to their Moneybox products on the same day that it leaves their bank account.
According to the official press release, both companies aim to bring other initiatives to the market as well. This includes the process of talking with banks and regulators about ways to unlock the full potential of Open Banking, as variable recurring payments (VRPs) in particular seem to have a transformative effect on the savings and investment space.
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