TrueLayer and Chip to collaborate for faster payments

Chip offers a variety of options to make saving effortless through an approach that’s tailored to each individual user. Today, customers can build wealth through investments in real assets, diversified funds with the likes of BlackRock and savings, including easy-access and notice accounts.

With new investment options and a growing customer base, Chip recognised that efficient, quick payments could support people to meet their savings goals by making the account funding process a more streamlined experience. It is also familiar with the benefits that open banking brings, having collaborated with TrueLayer to enable secure bank connectivity to analyse transaction data and make savings recommendations to its customers.

Now, with TrueLayer Payments Chip’s customers can easily and securely connect their primary bank account to the app using Payments Initiation. This improved process means customers can fund their account with confidence, with their payments arriving in the Chip app swiftly. Real-time payment confirmation provides Chip with additional assurance that every transaction has been authorised and funds received.

The TrueLayer collaboration removes transaction fees associated with cards and other payment methods such as Apple Pay. Higher payment acceptance and faster settlement also means less time spent managing failed payments that can ultimately lead to customer frustration and customer support queries.

Simon Rabin, CEO and Founder at Chip, says: “Chip's ambition is to give the customer a one-stop-shop for growing their money and building wealth. Open banking with TrueLayer has been part of our offering for a long time and when it came to examining how to improve payments, extending that collaboration was the obvious choice. Together we are delivering a seamless funding experience that will help Chip customers to meet their financial goals and build their wealth.”

Nick Tucker, Head of Financial Services at TrueLayer, comments: “As we experience changing market conditions and a cost of living squeeze, helping people save in an easy and transparent way is critical. That's why we’re delighted to be extending our relationship with the team at Chip. It has been focussed on helping people save through a hassle-free digital service that offers a variety of flexible and tailored savings and investment options. We look forward to further extending our collaboration as Chip continues to roll out new features and investment options.”