- Innovative service enables investment providers to offer their own cash savings services integrating with Raisin’s API infrastructure and banking relationships
- Raisin UK announces its largest Savings as a Service partnership-to-date with AJ Bell
- The announcement follows successful launch with Willis Owen earlier this year
Raisin UK, one of the UK’s leading cash savings services, has announced the launch of its Savings as a Service solution to allow wealth and investment providers access to embedded banking solutions to offer their own unique retail cash savings services.
The white labelled savings service has launched with it’s biggest UK integration to date with leading investment platform AJ Bell Youinvest and their Cash savings hub, following a successful soft launch phase with Willis Owen earlier this year.
Raisin UK’s Savings as a Service enables investment providers to access and scale cash savings products from a range of partner banks – some exclusively curated for them, together with many of those available on the Raisin UK marketplace – to customers quickly and efficiently without the need for long development lead-times and complex legal arrangements. While also leapfrogging any banking legacy Issues that these businesses may have.
Raisin’s partnership with AJ Bell Youinvest will enable the investment platform to use Raisin’s service to open cash savings accounts for each customer, collect their deposits and place theses funds with the expanding network of partner banks that participate in its marketplace – all seamlessly integrated with their own customer-facing system the Cash savings hub.
Kevin Mountford, co-founder of Raisin UK, commented: “Service strategies have seen a rise in several key industries over the last 18 months and embedded banking services is one of the fastest growing. With the current global landscape changing almost daily, there is an increasing demand from consumers looking for a better rate of return on their money, and the new Savings as a Service proposition allows existing players in the market to diversify their offering quickly to meet this demand. We are really excited about our latest partnership with AJ Bell and look forward to helping the business to deliver valuable products and services to its customers.”
Charles Galbraith, managing director of AJ Bell Youinvest, added: “With interest rates so low, people have to work harder than ever to get a return on their cash savings which beats inflation. It is time consuming to scour the market and apply for new accounts at multiple banks and as a result many people simply don’t do it. Our Cash savings hub will make it easy for people to generate better returns from their cash savings by providing access to a wide range of market-leading accounts via one simple service.”