PensionBee, a Fintech offering pension services, has integrated Plaid – a leading open banking provider.
According to PensionBee, the partnership will expand the remit of Open Banking to include pensions, transforming the traditionally complex process. PensionBee previously offered open APIs but this will be an improvement on their services.
PensionBee and Plaid’s collaboration is predicted to see pension contributions become easier and significantly faster. The legacy path of the pension process could be a two-week process. Now it will be turned into an almost instant one via Plaid’s platform.
PensionBee will also soon integrate with Plaid’s Open Banking network to allow customers to connect their external financial accounts with their BeeHive (PensionBee’s customer dashboard). This will enable them to gain insights on how to grow their retirement savings based on their actions today. PensionBee will also be able to encourage users to maximize their contributions based on spending habits and salary increases.
Romi Savova, CEO of PensionBee, said the low levels of digitization in the pensions industry create an opportunity for his firm:
“I firmly believe that Open Banking has the potential to be hugely transformative for millions of people in the UK who struggle to stay on top of their day-to-day finances and adequately save for later life. The arrival of technologies that help us see a complete picture of our financial health, easily manage our retirement savings and make our money work better for longer, is revolutionary. So we’re delighted to join forces with Plaid to make this a reality for our customers.”
Keith Grose, Head of International at Plaid, said that Fintech companies like PensionBee provide the tools that make pensions work better for people so they can retire comfortably.
“With Plaid’s Open Banking payments, PensionBee can offer a solution that keeps costs low and improves the user experience. That means their customers contribute more to their pensions with less hassle and create more secure financial futures.”
