Zopa Bank partners with TrueLayer for instant bank transfers
Zopa Bank has partnered with open banking platform TrueLayer to offer instant account-to-account payments for its Smart Saver savings account.
The bank launched the account in February to allow consumers to deposit money into different ‘pots’ with different interest rates and access requirements. So far it has already attracted 20,000 customers and over £110m in deposits.
The partnership with TrueLayer means that Zopa Bank customers simply select the ‘instant bank transfer’ option on the payment screen and authenticate their identity with biometrics to confirm the payment.
TrueLayer said that the partnership also gives Zopa Bank operational benefits, such as lower processing fees and real-time payment confirmation and settlement.
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“The Zopa Smart Saver combines the best of both banking and fintech when it comes to helping customers save money,” said Merve Ferrero, chief strategy officer at Zopa.
“By building on the foundations of the easy access account but evolving it, Zopa offers a higher interest rate in a sustainable manner.
“At the same time, it gives users control over how and when they access their money based on their goals.
“And we’re only getting started. Over the next 12 months we plan on doubling our savings portfolio to £2bn while continuing to find innovative ways to help our customers grow their money.”
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“Zopa’s Smart Saver is already shaking up the savings market with its innovative, hybrid approach,” said Nick Tucker, head of financial service at TrueLayer.
“We’re delighted that Zopa recognised the significant value TrueLayer’s open banking platform will deliver through seamless, secure and instant payments that also creates an opportunity for it to develop a deeper relationship with its customers.
“We look forward to building on our collaboration in the coming months as Zopa continues on its journey to help people save.”
Zopa, which was the world’s oldest peer-to-peer lender, exited the P2P sector in January in favour of developing its banking brand.
Zopa Bank won its full banking licence in mid-2020.
