Berlin, August 7, 2020 – Vivid Money, the mobile financial platform for banking, saving and investing, today announces its new feature Subscription Protection. With the feature, the company takes the next step to give its users full control over their finances. Vivid Money automatically recognizes subscription payments based on card transactions and scheduled payments from customers. Behind this is an artificial intelligence specially developed by Vivid Money. On the one hand, it accesses a pool of well-known subscriptions such as Netflix, YouTube, and Co., but also recognizes recurring payments, such as rent, on its own.
Alexander Emeshev, Co-Founder of Vivid Money, explains: "The intelligent recognition of subscription payments, which enables customers to keep an eye on future payments, is the first step towards smart banking. With our self-developed artificial intelligence, we want to offer our customers automated functions in more aspects of banking. Vivid customers will regain complete control over their finances. That is also why we enable them to block forgotten payments that are being made from their Visa cards with just a few clicks.”
With Subscription Protection, Vivid Money users receive an overview of their current subscriptions and regular payments - from music streaming to rent - as well as the monthly costs due for them. This way, forgotten or overlooked subscriptions are a thing of the past. Vivid also allows users to block transactions that are debited from their Visa card with just a few clicks from the app. This way, prepaid subscriptions will stop automatically.
Vivid Money has launched its services in Germany in June. The Berlin-based company aims to help people to make more of their money by combining the all-in-one mobile-first approach with a full-service package. Using the Vivid Money app, users can open an account for free in just a few minutes and manage their finances easily and intuitively via their smartphone. With their account comes a free metal Visa debit card for secure payments and cash withdrawals. In addition to a classic bank account, Vivid Money also offers numerous services that help customers to manage and grow their money securely and conveniently. These include cashback programs, sub-accounts in foreign currencies and, in the near future, investment products.
About Vivid Money
Vivid Money is the first financial service platform that combines all your daily money needs in one app. Whether it’s spending, saving, or investing – Vivid Money offers an easy, flexible, and transparent solution to grow your money. The company's mission is to provide customers throughout Europe with a superior banking and investment experience and to offer a wide range of financial services (including savings accounts, multi-currency accounts and stock exchange) without unnecessary fees. Vivid Money was founded in 2019 by Artem Yamanov and Alexander Emeshev in Berlin and consists of an international, highly qualified team of more than 130 employees. TCS Group Holding PLC, a leading provider of online financial and lifestyle services via its Tinkoff ecosystem, has agreed to become an anchor seed investor.
For more information, please visit vivid.money