Tandem, Stripe to launch Auto Savings, enabled by open banking

Wednesday 14 November 2018 13:19 CET | News

UK-based Tandem Bank has announced that their new Auto Savings service will be powered by global payments platform Stripe.

The service will allow customers to set up rules that automatically move money from their current accounts with other providers to a savings account with Tandem. Tandem can create sets of saving rules that suit their personal needs, such as rounding any payment up to the nearest pound, to make saving money each week effortless.

Customers will be able to use Auto Savings through Tandem’s banking app, which can aggregate financial data from across all of a user’s accounts to tell them how much free spending money they have and offer them personalised feedback on how they’re managing their money. This tool uses this same technology to calculate areas where savings can be made, allowing customers to build towards their financial goals.

Tandem is an early adopter of the Account Information open banking capability, where their customers can grant Tandem access to data from a third party bank account. Tandem uses this data to generate insights for customers, such as the optimum amount per month to place in an Auto Savings account.

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Keywords: Tandem Bank, Stripe, Auto Savings, Open Banking, fintech bank, UK, UK Faster Payments, savings
Countries: World