British challenger bank Tandem has partnered with global payments platform Stripe to launch its auto-savings service.

Tandem will utilise Connect, Stripe’s routing engine for complex fund flows, to power the new savings service, expected to be launched later this year.

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Tandem auto-savings service benefits

The new auto-savings service will enable the Tandem customers to set up customised rules to automatically transfer money from their current accounts of other banks to Tandem savings account.

Furthermore, it will also set additional rules to suit personal requirements to facilitate smooth transfer of money.

The Tandem banking app will procure financial data from all user accounts to make an aggregate assessment. Accordingly, it will determine the amount of free money and offer the user personalised feedback.

The customers can also grant Tandem access to their third party bank accounts data under open banking capabilities. Tandem will evaluate the data to determine the optimum amount that can be transferred to the Auto Savings account.

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Tandem CEO Ricky Knox said: “Auto Savings is a big step for banking. It will bring together smart, flexible tech and a competitive rate of interest.

“As with any new product, it’s crucial that any partners are reliable, take their customers and data seriously and share our vision for the future of finance – Stripe tick all of those boxes.”

Stripe UK and Ireland country manager Iain McDougall said: “Auto Savings will make it easier and faster for Tandem’s customers to save and we look forward to continuing to work with such an innovative, tech-first bank to advance the state-of-the-art of banking.”