WealthKernel, a wealthtech infrastructure provider, now supports direct debit payments on its platform having integrated GoCardless’s payment technology. Businesses using WealthKernel’s platform will now be able to let users deposit to savings and investment accounts via direct debits. WealthKernel offers key wealth infrastructure for those looking to build their own savings, investment or pensions applications over a single API.
Direct debit support comes as the latest feature to be added to the rapidly growing platform. Using GoCardless’ technology to offer direct debits means customers will more easily be able to initiate payments. The ease of depositing is much greater than a traditional bank transfer and it opens up a range of creative product possibilities and lowers costs for retail investors.
“Part of lowering the barrier of entry to those looking to invest is making it as easy as possible to put money into a savings vehicle, whether it be a GIA, ISA or SIPP. The ability to deposit to portfolios using direct debits drastically reduces the friction of a traditional funding method, which typically would include copying over a reference and going into a personal banking interface to create a BACS transfer. Compared to this, setting up a direct debit is incredibly easy and painless.”
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