Savings and investing platform Moneybox has renewed its relationship with bank payment company GoCardless, building on an eight-year partnership.

Moneybox launched in 2016 with GoCardless as its preferred payment method, enabling customers to transfer money into its wide range of savings and investment products. Today, more than 92% of Moneybox’s payment transaction volumes go through GoCardless.

The renewal will see Moneybox continue to rely on GoCardless for Direct Debit in addition to adding Same Day Settlement, a feature will shorten the time it takes for their customers to get funds onto the platform, helping them save, invest, and earn more quickly.

Kaley Addo, Head of Investment Operations at Moneybox, said: “Moneybox has experienced a period of exponential growth in recent years with Assets Under Administration rocketing to more than £7bn and GoCardless has been a valued partner throughout.

“Helping people build and embed positive saving and investing behaviours earlier in life has been at the heart of our business since day one. GoCardless’ Direct Debit capabilities have made it so easy for our customers to make regular contributions toward their financial goals - in a way they trust and can rely on.

“As the team looks towards integrating Same Day Settlement we will enable unparalleled convenience and seamless money transfer with the added advantage that customers will see their money credited to their Moneybox products on the same day that it leaves their bank account.”

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless, said: “We’re proud to have supported Moneybox from its inception, scaling with the team to serve more than one million customers today. Bank payments like Direct Debit are perfect for savings and investment use cases and now, with the introduction of Same Day Settlement, we can help our merchants get their customers’ money to the right place, faster.

“We’re also keen to bring other innovations to the market. For example, we’re investing a lot of time and energy talking to banks and regulators about how we can unlock the full potential of open banking. Variable recurring payments (VRPs), in particular, could have a transformative effect on the savings and investment space. Ultimately, our goal is to help the likes of Moneybox deliver the best, most intuitive and secure payment experience to their customers so that everyone can make the most of their money.”