GoCardless has been selected by Nude, in a bid to boost efficiency in payments for users to save and invest for their first home deposit.
Through its collaboration with the savings app for first-time buyers, the GoCardless network can be utilised to move money from a saver’s bank account into their Nude Lifetime ISA.
Stephen Doherty, Co-Founder and Chief Operating Officer at Nude, said: “Nude is on a mission to make the financial industry a fairer place, starting with home ownership. Our approach is to make the home buying process easier, and to make it a more accessible experience for first-time buyers, which is why we’re excited to work with GoCardless.
“Its Instant Bank Pay feature has been hugely popular with our users, who see their deposit grow with every transfer. And when Variable Recurring Payments come in, they can instantly and automatically move their money from any account to their ‘first home fund’ on a regular basis. This will give them more control and a better all-around experience.”
He added: “We’d love to get all our users onto open banking payments. It gives them peace of mind to see their transfer appear immediately, not to mention a huge motivational boost,” said Doherty. “But we’re also aware some banks won’t be able to support VRPs right at the start. That’s why we value the ability to access both Direct Debit and open banking payments through GoCardless, ensuring all of our users can easily transfer money onto the app.”
Thanks to the partnership with GoCardless and the firm’s growing suite of direct bank payment options, Nude will gain access to both Direct Debit and instant open banking payments through a single integration.
Duncan Barrigan, Chief Product Officer and Chief Growth Officer, at GoCardless, concluded: “We’re proud to support Nude and its aim to address the generational wealth imbalance. It has already used open banking to great effect, pulling in insights about a user’s spending and saving patterns to offer tips which cut the time it takes to reach their deposit goal.
“With open banking payments now in the mix, users will be on the fast track to their first home. We’ve long said that VRPs have the potential to improve the financial well-being of people up and down the country. Working with companies like Nude makes it all the more tangible.”
