Zempler Bank’s offering includes current accounts and credit products for small businesses, startups, sole traders, and consumers, with the financial institution focusing on convenient and optimised digital products provided by an in-house, UK-based team. The bank collaborates with Money Carer, a social enterprise facilitating money management services for vulnerable adults, with it serving as the banking partner for its banking and payments platform, Monika.
Monika offers bank accounts for deputies, appointees, and attorneys that minimise administrative costs and include capabilities such as prepaid Mastercard for personal budgeting or carer shopping, the ability to send emergency payment vouchers, and missed welfare benefit payments alerts. Money Carer plans to introduce a biometric fingerprint-activated payment card which is set to eliminate the need for a PIN and scale financial inclusion for vulnerable individuals.
By joining the CASS service, Zempler Bank is set to be able to deliver efficient switching to businesses wanting a new banking provider and support simplified switching to the Monika platform for vulnerable adults leveraging Money Carer’s services. At the time of writing, Pay.UK’s service supported over 11.4 million current account switches, while 160.5 million payments were redirected successfully. Additionally, in the fourth quarter of 2024, 99.7% of switches were completed within seven working days and customer satisfaction averaged at 91%. The service focuses on assisting CASS’ original goal to scale competition in the current account market and simplifying the process of switching current accounts.
Furthermore, commenting on the announcement, representatives from Zempler Bank underlined their company’s commitment to optimising how UK micro businesses, who remain underserved by high street banks, switch to a digital bank with products developed specifically for their needs, demands, and preferences. At the same time, Money Carer mentioned that, by having access to CASS, the company can advance its commitment to assisting vulnerable individuals with their everyday money management needs.
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