Robo adviser Wealthify has teamed up with open banking platform Tink to transform the way its investors transfer money into their investment accounts.
Wealthify has integrated Tink’s payment initiation service (PIS) technology in its app.
The integration will allow investors to transfer an initial investment sum during the onboarding process, and then make additional payments to top-up their accounts.
Earlier, investors on Wealthify had to initiate the payment separately via their own bank’s app or webservice.
With Tink’s technology, they can choose to connect to their bank account in the Wealthify app or web page to complete their payment faster.
Tink UK and Ireland country manager Rafa Plantier noted: “Payment initiation services, as part of the wider open banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates.”
Wealthify was started as a Stocks, Shares and General Investment accounts platform. It later expanded into Ethical Investments, Junior Stocks and Shares ISAs and Self-invested Personal Pensions (SIPPs).
In June last year, the robo adviser became a wholly-owned subsidiary of insurance and investment giant Aviva, which previously held majority stake in the firm.
The firm said it is set to double its 50,000 investors in the coming year.
Wealthify chief product officer Simon Holland said: “Open Banking is a fantastic opportunity to deliver seamless payment experiences for our customers that are quicker and more competitive than traditional card payments.
“The customer response has already been brilliant, and our partnership enables us to make more of our customers’ money work harder, by maintaining our market-leading low fees.”
Last November, Wealthify named Ben Luckett, the former strategy director for Aviva’s UK general insurance, as its chairman.