London based online pension provider, PensionBee and Starling Bank, a digital bank have collaborated to enhance their 2-way API integration through the development of new features, using Open Banking technology.

This collaboration will make it possible for Starling customers to seamlessly combine all their old pensions into a new PensionBee plan, offering a pension consolidation product in just a few clicks. It is expected to enable other new product features, such as direct payments from bank accounts into a PensionBee pension without leaving the Starling bank mobile app.

Clare Reilly, Head of Corporate Development at PensionBee commented: “Starling holds the majority of customer data needed to find and combine old pensions from pension providers. Open Banking makes it unnecessary to ask for basic customer details if their bank already holds all of that information. It’s just another advantage to our 2-way API integration. Customers can now choose to share data that will enable them to combine their pensions in just a few clicks.”

Helen Bierton, head of retail and SME banking, Starling commented that this partnership is a logical step towards a fully integrated market place where their customers can seamlessly sign up for new products and services.

Established in 2014, PensionBee provides opportunities to customers to customize and manage pensions into a new one.

by Megha Bhattacharya
Market Analyst at IBS Intelligence