DoubleNet Pay to power cashflow management tool for T Rowe Price
Financial management technology start-up DoubleNet Pay scored a deal with investment services firm T Rowe Price, writes Julie Muhn at Finovate (Banking Technology‘s sister company).
The US-based company has integrated its online cashflow management tool into T Rowe Price’s “Retire With Confidence” programme.
The savings automation tool empowers participants to manage their income by regularly deducting a select amount from their bank account to save towards goals such as emergency savings, bill payment and debt management.
Brian Cosgray, DoubleNet Pay’s founder and chief executive, says the purpose of the tool, which is available on T Rowe Price’s Workplace Retirement website, is twofold. It is intended to “help people easily pay their bills on time” and also aims to help users “start a savings fund before spending their money on discretionary items”. Cosgray adds: “We hope making financial best practices automatic each pay period will boost positive financial behaviour.”
Diana Awed, head of product and marketing for T Rowe Price Retirement Plan Services, observes: “We’ve seen the impact automatic services can have on financial behaviour, particularly with retirement savings, and believe the addition of DoubleNet Pay to our financial wellness programme will encourage employees to get on the right path with their finances, including paying down debt, starting an emergency fund, and saving for retirement.”
Founded in 2013, DoubleNet Pay is based on the principle pay yourself first. In other words, bills need to be paid and savings accounts must be funded before discretionary spending takes place. Earlier this summer, the company reeled in $4 million in its first round of funding. Last year, it earned a spot in Plug&Play’s accelerator programme.
