IBS Journal June 2015
©Michael Newington Gray, Wired
‘What large, unfair advantage
can I pick up by being in this programme?’ Mutaz Qubbaj, Squirrel
portions paid into Squirrel accounts for particular goals, along the lines of the ‘jam- jars’ of other initiatives. This is now branded as ‘GoalPay’. There is also ‘BillPay’, with bills settled
from the Squirrel account and with Squir- rel managing them and negotiating better deals, in part through the ability to ‘bulk buy’ for multiple Squirrel users. Another component, ‘StackPay’, means users can stagger their disposable income into man- ageable amounts to help with budgeting. And the fourth component, centred on the original plan, is ‘EarlyPay’ which allows users to take their pay early. The latter is described by Qubbaj as ‘the last line of defence’. The technology to support this was
built during the Accelerator programme -
ty, so that end-users can customise it, and security. It is modular, so employers can
Squirrel is now starting to pilot its solu- tion and has an initial six employers lined up including logistics and retail companies, plus ‘indirect channels’ comprising employ-
Another potential pilot is Telefonica itself. There is potential for the platform to
be used for other purposes, including wel- fare payments and by pension providers. However, Squirrel does not want to over-
on making sure the solution is very robust, © IBS Intelligence 2015
www.ibsintelligence.com 43
that any kinks are ironed out, and that the user experience is as good as possible. Last, but not least, what is the busi-
ness plan for Squirrel? It allows employ- and there will be a per employee charge
products and services that are relevant to the Squirrel end-users. Barclays does not have a stake in Squirrel but might partner, although any such relationship would need to be done through the bank’s normal pro-
Accelerator programme for the bank is to
the start-ups, thereby fostering an innova- tive outlook, and the bank also has a entire
case study: squirrel
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