Social Money launches savings interface for businesses
Thursday, October 03, 2013 3:37 PM
Social Money, the West Des Moines company that developed the goal-based online savings product SmartyPig, announced it has rolled out CorePro, a product to enable prepaid card issuers, payroll service providers and merchants to easily integrate FDIC-insured savings accounts for their customers into their existing online and mobile sites. The new application program interface is best thought of as a "Stripe.com for savings," said Mike Ferrari, founder of Social Money. Ferrari said CorePro also enables end users to manage individual savings goals from within an individual savings account. The savings accounts for CorePro are held by Lincoln Savings Bank, which is based in Reinbeck, Iowa. CorePro can help businesses to create deeper customer relationships, Social Money CEO Scott McCormack said. "Concentrating on spending money alone is not enough," he said. "Offering savings, as well, helps to create stickiness, and stickiness increases customer spend."