Moneyhub, the data and payments platform built on open banking and open finance principles, is now officially a supplier on Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework for its open banking and payment services.
Following the news, government organisations are now able to purchase Moneyhub services through the DPS. This, in turn, could help more public sector services increase their efficiency through the use of open banking.
Crown Commercial Service aims to support the public sector to achieve maximum commercial value when procuring common goods and services. In 2021/22, it helped the public sector achieve commercial benefits equal to £2.8billion – supporting world-class public services to offer the best value for taxpayers.
The DPS helps public and third sector buyers filter suitable suppliers, who have passed pre-arranged checks, based on a range of criteria and create a shortlist to invite to their further competition.
Moneyhub’s solutions already help businesses in various sectors increase efficiency and offer consumers efficient, secure alternatives to card and cash payments.
Through its work with clients such as Nationwide, Lloyds Banking Group, Standard Life, Legal & General, as well as hundreds of others, Moneyhub has proven the benefits of open banking and account-to-account payment solutions.
Vaughan Jenkins, managing director of partnerships at Moneyhub, commented: “At Moneyhub we’re on a mission to enhance the lifetime financial wellness of people, their communities and their businesses, and the public sector has a significant opportunity to benefit from and lead the way in the mass adoption of open banking solutions.
“The continued adoption of open banking technology will also result in better outcomes for taxpayers and the country.”
Moneyhub remains highly active, as it attempts to support small businesses by improving their efficiency, to working with CMA9 banks – offering competitive and compliance advantages.