Moneyhub, an Open Finance data, intelligence and payments platform, has made its Payments system available to all its white label clients.
The functionality allows all businesses to build tailored products and services that incorporate card-free payments, as well as offering consent-driven access to financial analytics and insights.
Moneyhub API clients already benefit from the ability to embed plug and play payments into their own front ends. Now everyone using the Moneyhub platform, including white label clients, have access to the same Open Banking card-free payments protocol, allowing their users to easily transfer money between accounts using just one service rather than a number of different apps or portals. Payments can be secured with a thumbprint, eye scan or pin number, depending on the customer’s choice.
The update is a key milestone on a roadmap that will fast-track the transformative nature of Open Banking and make “sweeping” money with rules such as rounding up, matching a spend, or beating a budget the new normal. When Variable Recurring Payments (VRPs) are introduced, it isn’t just card payments that will no longer be needed: standing orders and direct debits will also become redundant.
Moneyhub’s full implementation of Open Banking’s Payment Initiation Service will democratise savings and investments for everyone and save Moneyhub’s enterprise clients millions of pounds in the process. It will be a customer-centric transformation on all levels.
Moneyhub’s new Payments update also resonates with its wider mission to enhance the financial wellness of consumers and businesses by providing immediate clarity and holistic control over their finances.
Dan Scholey, Moneyhub COO, carried out the first-ever Open Banking payment by a member of the public at the Altus Platform Efficiencies Event on 19 September 2018, using payment initiation services (PIS) to enact an instant and direct bank to bank payment.
“Moneyhub Payments enables any business to provide end to end digital journeys that result in actionable positive outcomes that are effortless for people. We can finally help our clients exceed, not just meet, their customers’ ever-increasing expectations for high-quality immediate delivery of products and services.” Scholey said.
“This is an important release for Moneyhub, but it also has a wider significance across the industry. Embedded financial services are here and companies that are not in the tech space can now offer their customers access to advanced Open Banking payments inside a single service that also offers total visibility and control of their finances at all times.
“Banks are becoming excellent utilities because money management is now an integral part of any product and service for people in today’s ‘always on’ digital economy. Aggregation of accounts combined with payments mean important financial transactions are no longer limited to banks and can now be performed inside any app with immediate effect, enabling a truly outstanding customer experience.
“We’re excited to give all Moneyhub clients a new industry-leading ability which will improve their customers’ financial wellbeing and open up new ways of managing their finances.”