Penfold selects TrueLayer for boosting open banking payments

By Megha Bhattacharya

TrueLayer and Penfold have teamed up to deliver instant, secure payments for the latter’s self-employed customers to fund their pension. Penfold is an FCA-regulated platform that enables customers to set up, manage and track their pensions online or through its app in a matter of minutes. Its target customer base includes freelancers, the self-employed and limited company directors.

“The pension industry is stuck in the dark ages and this has very real consequences for people who want to do the right thing and save for retirement. As the only digitally native pension company, our team is always using technology in new ways that can make the process of starting, paying into, and managing a pension quick, easy, and painless,” explained Pete Hykin, co-founder of Penfold. “Our partnership with TrueLayer is a fantastic next step, allowing our customers to top up their payments immediately, securely, and for free. In time, this integration will give our customers even more visibility over their finances, helping them budget for their pension and plan for the retirement they deserve.”

Penfold has integrated TrueLayer’s Payments API to deliver an enhanced user experience. Using Payments Initiation, customers can now top up their pension whenever they like, through secure and instant open banking payments.

Recently, TrueLayer announced a new partnership with savings and investment platform Wombat. Wombat will be utilising the FinTech’s payments API and provide its customers with the ability to instantly deposit funds into their investment accounts.

Jamie Morton, UK country manager at TrueLayer, commented, “Less than a quarter of the UK’s estimated five million self-employed people currently contribute to a pension, according to government data, with half saying they are not confident about how they will fund their retirement. Working with a firm like Penfold that is looking to solve such a significant financial and societal issue is incredibly exciting. With open banking payments it can offer a faster, more secure option for its customers to build their retirement fund.”