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November 24, 2021

Moneybox and Plaid give customers greater control over their finances

Liam Gray

During lockdown, millions of people turned to fintechs to track and improve their financial situation. In fact, Plaid's annual report on fintech adoption, The Fintech Effect, found that 86% of UK consumers used fintechs, with many finding they saved them time (59%) and money (42%), as well as helping them to reduce stress (36%). 

Moneybox is a market-leading app-based digital wealth manager, that provides the products (Saving, Investing, Mortgages, Pensions), tools, and information needed to help people build their wealth with confidence and realise their financial ambitions in life; from starting to save, growing their money through investing, buying a home, and planning for a retirement they can look forward to. More than 700,000 people have chosen to save and invest in excess of £2bn through Moneybox across a range of products, including Stocks & Shares ISAs, Lifetime ISAs, and Pensions. Customers can make payments to their accounts in the ways that suit them best including round-ups, weekly deposits, monthly payday boosts, and one-off payments.

While much progress has been made in online payments in recent years, there are some points of friction that remain when processing payments between customers’ linked bank accounts and their chosen wealth manager. This results in it taking a number of days for funds debited from a customer's bank to be deposited into their Moneybox account. 

Plaid and Moneybox have been working together to make transfers faster and give customers visibility and control over their payments and their finances. With the help of Plaid’s Payment Initiation, Moneybox has recently introduced an instant payments option for customers who want to top up their accounts in a matter of minutes.

Looking forward, Plaid and Moneybox have lots of exciting plans on how to use Open Banking technology to enable new functionality and further improvements to the in-app customer experience.

When you’re ready to join the 5,500+ companies that use Plaid to make it easier for people to securely connect their financial accounts, contact the Plaid sales team.