Zopa Bank is partnering with Open Banking platform TrueLayer to provide account-to-account payments for savers.

The challenger bank has collaborated with TrueLayer to launch the feature for its Smart Saver savings account.

The account, which was launched in February with a focus on helping consumers looking to start saving, enables customers to deposit money into different ‘Pots’.

Zopa says that more than 20,000 customers have opened a Smart Saver account with a total of £110m in deposits.

The integration with TrueLayer will use the platform’s Open Banking API to support instant account-to-account payments enabling customers to make payments out of their account without the need to enter card or bank account details.

The new feature means customers can select the ‘Instant bank transfer’ option at the top of the payment screen and authenticate their identity with biometrics to confirm the payment.

TrueLayer said that in addition to a smoother customer experience, the integration includes lower processing fees compared to cards and other deposit methods and real-time payment confirmation and settlement.

Zopa is also able to see that every transaction has been authorised and received into the customers’ account.

Commenting on the collaboration, Merve Ferrero, chief strategy officer at Zopa.said: “The Zopa Smart Saver combines the best of both banking and FinTech when it comes to helping customers save money. By building on the foundations of the easy access account but evolving it, Zopa offers a higher interest rate in a sustainable manner."

Nick Tucker, head of financial service at TrueLayer, commented: “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.”

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