Chip, a savings and wealth management app, is partnering with TrueLayer for Open Banking enabled payments services.

The tie up will mean that Chip customers will be able to transfer funds to their savings accounts faster using Open Banking technology provided by TrueLayer.

Customers will be able to securely connect their primary bank account to the Chip app using payments initiation APIs, providing real-time payment confirmation that transactions have been authorised and funds received.

Chip customers use the app to build wealth through investments in assets, diversified funds with the likes of BlackRock and savings, including easy-access and notice accounts.

The collaboration also removes transaction fees associated with cards and other payment methods such as Apple Pay, TrueLayer said.

Simon Rabin, chief executive and founder at Chip, said:“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," he added.

Commenting on the integration, Nick Tucker, head of financial services at TrueLayer, said: “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.”

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