Paragon Bank PLC has formed a partnership with Akoni Hub enabling the specialist lender and savings bank to offer its products via Akoni.
Akoni Hub, part of the Stubben Edge Group, [subject to formal approval by the FCA,] is a cash management platform for wealth managers and SMEs and has a client base made up of corporates, charities and high-net-worth individuals. The platform enables the easy opening and managing of multiple savings accounts, providing customers with a single view of all of their cash, no matter where it is held. Those opening an Akoni account can access a range of accounts from multiple banks, now including Paragon.
Paragon Bank is a specialist lender and savings bank in the UK. Its purpose is to support the ambitions of the people and the businesses of the UK by delivering specialist financial services. Founded in 1985, Paragon Bank has a long and successful history and is part of the FTSE 250.
Derek Sprawling, Savings Director at Paragon said that the Bank’s partnership with Akoni Hub would provide customers of Akoni with a great combination of convenience and competitive rates.
He said, “We recognise that the Akoni Hub can be a powerful cash management tool, and we believe that the combination of Akoni’s platform and Paragon’s competitive products is a strong proposition in the UK.
“We look forward to working closely with Akoni Hub and making our savings solutions available to their clients.”
The platform enables clients to manage their cash savings, their desired level of risk and maximise protection either under the FSCS or equivalent, through diversification and includes unique bank ratings through Fitch Implied Credit Scores.
Further growth is being driven by the platform’s adviser benefits including a range of tools providing cash solutions for individuals and businesses as well as cash in SIPPs, under Power of Attorneys and trusts. This also provides a single point of entry for clients and advisers further enhancing our partners’ intergenerational wealth solutions.
The Financial Adviser zone, Open Banking and Open Finance tools, digital onboarding and 100 percent digital experience enables a fully digital Cash-as-a-service-Solution.
Panos Savvas, Founder and CTO at Akoni Hub, added: “We’re delighted to welcome Paragon Bank to the Akoni Hub platform.
“This partnership expands the range of attractive savings products available to our clients to provide them with better rates of interest and a reduction in risk, all within one online application.”