The partnership utilises Moneyhub’s data and insights platform to deliver Account Information Services (AIS) and Payment Initiation Services (PIS), optimising the app’s capabilities and user experience. Rolled out by Paragon Bank, Spring seeks to address the difficulties of current account coasting, where over 29 million UK adults leave their money in low or zero-interest accounts, in turn missing out on potential interest. In addition to integrating directly with users’ current accounts, Spring aims to facilitate a competitive interest rate of 4.30% AER, without the need to switch current account providers.
The newly launched app utilises Moneyhub’s Open Banking technology, enabling it to connect with a customer’s existing current account. The integration allows customers to view their current account balance in the Spring app and transfer money between accounts, equipping users with increased control over their savings. Also, the app provides capabilities such as savings pots and unlimited withdrawals, without imposing hidden fees or restrictions.
Furthermore, by offering connectivity and payments technology, Moneyhub seeks to ensure secure, efficient, and effective user journeys. Spring encourages deposits through Open Banking payments, facilitating Single Immediate Payments and Variable Recurring Payments (VRPs) to automate savings and minimise complexity.
The collaborative agreement between Paragon Bank and Moneyhub is based on a shared commitment to customer-centric solutions, with the financial institution selecting the company for its connections, experience, and the capabilities of its services. At the same time, by guiding Paragon Bank in implementing APIs, Moneyhub ensured that Spring can facilitate an optimal customer journey, diminishing friction and encouraging users to engage with their savings.
Additionally, by utilising Moneyhub’s knowledge and features, Paragon Bank seeks to offer an augmented savings experience that meets the needs, demands, and preferences of customers, while also advancing its position in the financial services industry.
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