We've added active payments to our money management app and we want to let you know what this means.
Our app was launched in 2021 as our first step in working to provide people in the UK with an accessible, free, and inclusive way to manage their money. Our app is packed with useful insights, spending tools, and loads more features to make managing your money easier.
Now, we've gone one step further and added payments. If you haven't got the app or had a look - see what we've built here.
(At the moment, your app login is not linked to your investment login. For the time being you'll need to create a separate account when registering on the app but we're working on that!)
While you could link your accounts on the app before and track them, you couldn't pay between them. Now you can pay between your bank accounts and even pay contacts.
So, here's what you can expect when using payments on our app.
The payments feature lets you move money between your connected current accounts or pay family, friends, and businesses using Open Banking payments - these are regulated by the FCA and are one of the safest forms of payments.
When you request to make a payment in our app, you will be transferred to your banking provider's website or app to authorise using strong customer authentication. We, nor our partners, do not store your banking credentials.
Once your payment has been initiated, it usually is completed within 15 seconds. Payments are made using “Faster Payments” and your bank provides the same protection as it would if you paid from within their banking app or website.
No one can make a payment on your behalf via our app - so you are in safe hands!
Access payments from the My Money section of our app. You can transfer money between current accounts connected to your account via Open Banking.
If your account is not connected, or you would like to pay family or friends, you can securely make payments to any UK bank account that has an account number and sort code.
Head to the Payments section of the app, select Contacts then Add contact. In the next screen, you'll be asked to provide details such as account number and sort code.
Once you have entered all the details, select Save.
Within the Payments section of the app, select the account you would like to make the payment from then select Pay from.
In the next screen, select Pick a Payee, then contacts, and then select the account you'd like to pay into. In the next screen enter details such as reference and amount and select Make Payment.
There's loads more features we are planning to roll out soon and our team are hard at work on meeting our mission.
We know that currently your investment account and app login are different. We are working on combining our products together so you have one place to access The Big Exchange. We are hard at work and will update you soon!
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