Following this announcement, the company is expected to enable businesses in the region of the UK to automate savings for future payments and transactions, like VAT, through the use of its Open Banking platform. In addition, this process will take place by sweeping money into savings accounts and offering competitive interest rates.
Furthermore, Money Squirrel will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
According to officials of the company, Money Squirrel’s expansion in the region will enable the company to encourage firms and clients to save money for future obligations, while also being financially responsible. This process is expected to provide businesses with the ability to automatically calculate VAT and allocate funds in an easy and secure manner as well.
At the same time, companies and partners will also be given the possibility to earn optimised interest rates on funds that were earmarked for future expenses. In order to leverage its services, firms will need to connect their business banks and savings accounts, as Money Squirrel will then detect incoming cash and automatically save it according to the customer’s preferences.
Money Squirrel will also make sure that the funds of a company will go straight from the current account to the savings account, ensuring a complete transaction that focuses on transparency, security, and control.
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