PYMNTS-MonitorEdge-May-2024

Tandem Partners With Stripe On New Auto Save Feature

Tandem Partners With Stripe on Auto Savings

Tandem Bank, the U.K. mobile bank, announced on Wednesday (Nov. 14) a new automatic savings service that will be powered by global payments platform Stripe.

In a press release, Tandem Bank said the new feature allows customers to set up rules that automatically move money from their current accounts with other providers to a savings account with Tandem. Users can create sets of rules, such as rounding any payment up to the nearest pound, to make saving each week effortless.

Tandem said customers will be able to use the Auto Savings feature through its 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 feedback on how they’re managing their money. The latest feature uses the same technology to calculate areas where savings can be made, making it easy for customers to build toward their financial goals.

“Auto Savings is a big step for banking. It will bring together smart, flexible tech and a competitive rate of interest,” said Ricky Knox, the chief executive of Tandem, in the press release. “As with any new product, it’s crucial that any partners are reliable, take their customers and data seriously, and share our vision for the future of finance – Stripe ticks all of those boxes.

“With this latest savings solution, we wanted our customers to be able to pay money into their Tandem account without any hassle,” Knox continued. “A lot of other banks require you to make manual transfers or standing orders, which can make the whole process of saving a chore. With the help of Stripe, we want to make it as quick and easy as possible to save small and often, straight from your debit card.”

Tandem said that Connect, Stripe’s routing engine for complex fund flows, is powering the new Auto Savings feature. Stripe is enabling Tandem to programmatically segregate client funds (deposited money from customers) from their own operating funds in a compliant manner.

“Building on infrastructure that powers the programmatic movement of money will be increasingly seen as a differentiator for technology companies, emerging FinTechs and even established financial services providers,” said Iain McDougall, U.K. and Ireland country manager at Stripe, in the same press release. “By providing this infrastructure, Stripe is helping Tandem to extend their product in new directions at a faster pace, which is a significant competitive advantage.

“Auto Savings will make it easier and faster for Tandem’s customers to save, and we look forward to continuing to work with such an innovative, tech-first bank to advance the state-of-the-art of banking.”

PYMNTS-MonitorEdge-May-2024