The Automobile Association (AA) is set to introduce savings and loan accounts for its members and the broader market, utilizing embedded finance solutions from NatWest Boxed.
AA customers will benefit from the ability to instantly deposit and withdraw funds from their newly established FSCS-protected savings accounts. They will also have access to personal loans, which can be approved and funded within minutes.
Andrew Ellis, CEO of NatWest Boxed, commented, “Our collaboration with The AA marks a pivotal milestone in our ambition to be the premier embedded finance provider in the UK. Boxed was specifically designed to support the financial service goals of the country’s leading brands. We are thrilled to assist The AA in realizing its vision for customer support by leveraging our technology, balance sheet, operational capabilities, and regulatory knowledge to foster future growth.”
According to Ellis, the offerings of savings accounts and unsecured personal loans represent the initial phase of a long-term strategic alliance, with plans for The AA to introduce an expanded range of embedded finance products over time.