The “one-stop-shop” for growing money and building wealth will use the open banking platform to enhance its services.
The partnership aims to bring customers an improved experience on the app through “dramatically faster” account payments.
This will remove transaction fees associated with cards and payment methods such as Apple Pay.
Customers will also be able to spend less time managing failed payments thanks to higher payment acceptance and faster settlement, according to the companies.
“Open banking with TrueLayer has been part of our offering for a long time, and when it came to examining how to improve payments, extending that collaboration was the obvious choice,” Chip founder and CEO Simon Rabin said.
“Together we are delivering a seamless funding experience that will help Chip customers to meet their financial goals and build their wealth.”
Through its partnership with TrueLayer to enable secure bank connectivity, analyse transaction data and make savings recommendations, the app has already seen the benefits of open banking.
Now the company will also be able to provide efficient, quick payments to help support customers in meeting their savings goals.
Customers will also be able to connect their primary bank account to the app using payments initiation.
“As we experience changing market conditions and a cost of living squeeze, helping people save in an easy and transparent way is critical,” TrueLayer head of financial services Nick Tucker said.
“[Chip] has been focused on helping people save through a hassle-free digital service that offers a variety of flexible and tailored savings and investment options,” he added.
Chip offers a number of options when it comes to savings, with the option to build wealth through investments in real assets and diversified funds, including easy-access and notice accounts.