Akoni Hub has formed a partnership with Reliance Bank to make its savings products available on Akoni’s cash management platform.

Akoni’s customers are now able to place money in Reliance Bank’s Instant Access, Notice and Fixed Term Deposit accounts via Akoni’s online system.                                                                                                                      

Enhanced Savings Management Services constitute a fully digital Cash-as-a-Service solution because the Financial Adviser zone, Open Banking and Open Finance tools as well as digital onboarding are all completely online.

Akoni Hub, part of the Stubben Edge Group, is a cash management platform for SMEs and IFAs. It has a client base comprising corporates, charities and high-net-worth individuals. The platform enables the easy opening and management of multiple savings accounts, providing customers with a single view of their cash.

Those opening an Akoni account can access a range of products from multiple banks, now including those from Reliance Bank.

Paul Croucher, CEO for Reliance Bank, said: “We want to help more businesses, charities and individuals earn interest on their savings accounts, so we are very pleased to work in partnership with Akoni to increase our reach to SMEs. We are proud to be a socially responsible bank, so money deposited with Reliance Bank will be used to provide loans to organisations, charities and social enterprises that deliver positive social impact in the UK. We call it, Giving Money Meaning.”

Chris Kenning, CEO of Stubben Edge Group, added: “We are thrilled to be partnering with Reliance Bank as they offer valuable products to Akoni, helping our clients to make positive social changes through making a single deposit. Reliance Bank has helped our endeavour to always offer a wide variety of products, while ensuring our platform remains simple to use.”