Chip (Automating savings with Open Banking)

Chip (Automating savings with Open Banking)
Description:

Through Open Banking Account Information Services (AIS), Chip imports user transactions data and uses AI to calculate the amount they can afford to save every few days (or on payday).

It then uses Payment Initiation Services to move the savings to a Chip wallet in a closed loop (funds only movable between customers’ bank accounts and the Chip wallet. The company is also rolling out interest accounts.

Phase:
Live
Industry:
Savings
Niche:
Automated AI-powered savings