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Open banking. Saving money 💰

May 19, 2024
5 min read

It’s no secret that financially, times are tough. We’re all having to tighten our belts in a cost of living crisis that shows little sign of relenting. It seems obvious that the payment sector should be doing what it can to support those who need it. So, what can Open Banking, and VibePay do to make a difference?

Increasingly, banks, especially neo-banks are introducing features to help customers keep track of their spending. But, what if you have multiple banks? VibePay’s bank agnosticism means that keeping an eye on what you spend, regardless of how you spend it, is easier.

Frustratingly, however, not all banks support open banking, yet. The aid that Open Banking based resources have provided for saving/budgeting is demonstrable and will only strengthen as participation grows. Equipping families with tools to monitor and understand their spending holistically has proven invaluable. Banks who aren’t engaging with Open Banking maybe depriving individuals of tools that’d otherwise help.

Open Banking has given rise to a plethora of game-changing products whilst the world, and the economy around us have evolved. In the pandemic, scores of people adopted new side-hustles to supplement furloughed wages. Similarly, at the turn of this year, research highlighted that as many as four million Britons were considering finding secondary work to support themselves, and their families through the cost of living crisis. The economic apparatus we have grown accustomed to does not adequately support these changing attitudes; people deserve to keep more of what they earn, and be paid for their work immediately. Those are ideas that underline VibePay’s key principles. Payments that are fee free, and instant.

Have you taken on a side-hustle? Know someone that has? Let us know @VibePay and join a community that keeps what they earn, today ✌️

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