Moneyhub Expands Platform with Payment Initiation Services

When the going gets tough, the tough add payment initiation services to their offering in order to make it easier for users to initiate payments from multiple accounts with a single platform.

That’s the plan of account aggregation specialist Moneyhub, which announced today that it has secured PISP authorization from the Financial Conduct Authority (FCA). This will enable the Bristol, U.K.-based firm to more readily integrate with its bank partners – including new partners Starling and Monzo – and to support payment initiation from bank accounts via the Moneyhub platform. The company is currently linking to additional bank APIs and has launched an API gateway to support data sharing and product development with third party firms.

“The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realized,” Moneyhub CEO Samantha Seaton said. “The end of tedious financial administration on the journey to ever increasing financial wellbeing starts here.”

Already operating as an Account Information Services Provider (AISP), Moneyhub aggregates data from multiple accounts and makes the data available in a single location. This makes it easier for consumers to get a holistic view of their finances – from current accounts and credit cards to loans and pensions. PISP authorization adds direct payment functionality to the platform, leading Seaton to announce “frictionless finance has arrived.”

Moneyhub demonstrated its Moneyhub Enterprise SmartAssist solution at FinovateEurope 2017. SmartAssist is an AI-powered, proactive intelligent messenger that helps consumers manage their finances through personalized savings, investment, and borrowing recommendations. Founded in 2009, Moneyhub was acquired by South African insurance company, MMI Holdings in 2014.

Earlier this year, Moneyhub announced an integration with Intelliflo, enabling two-way sharing between financial advisors and their clients. Also this year, the company was shortlisted for the Best Fintech Health and Well Being Innovation Award from the Corporate Advisor Awards 2018.

Finovate Alumni News

On Finovate.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

MoneyHub Integrates with Challenger Banks Starling, Monzo

Financial management platform Moneyhub has integrated with the APIs of U.K. challenger banks Monzo and Starling, providing customers of these banks with “a holistic overview of all their financial assets through Moneyhub’s platform,” reported Tanya Andreasyan of FinTech Futures (Finovate’s sister publication).

Integration enables Monzo and Starling customers using the Moneyhub app to choose to link up current and savings accounts, credit cards, pensions, loans, mortgages, SIPPs, ISAs, and investments. Moneyhub said its technology features the most data links of any aggregation provider in the U.K.

Monzo and Starling users will have access to Moneyhub’s proprietary categorization engine and personalized Smart Nudges, the fintech says, “empowering them to make well informed monetary decisions across all assets held and fulfill their financial wellbeing potential”.

Moneyhub is authorized by the U.K. regulators as an account information service provider (AISP), under the new PSD2 and open banking rules. It works with banks, investment managers, pension providers, and employee benefit consultants to provide financial management white labeled solutions and APIs for their clients.

The company stated it is poised to work with all the nine CMA banks when they go live, and is currently integrating with the six that are ready for open banking.

Meanwhile, Yolt, a financial management app from ING, said it has reached 250,000 users in less than a year. The “smart thinking money app” was launched in June last year, and enables users to view their accounts and credit cards in one place.

Yolt, too, has integrated with Monzo and Starling, and also with RBS and Lloyds Banking Group via open API.

Frank Jan Risseeuw, CEO of Yolt, said the app reached 100,000 users in the first six months and onboarded another 150,000 in the following three months.

“We couldn’t have achieved this milestone without the feedback and suggestions from our brilliant Yolt community,” he stated. “We endeavor to listen to each and every one of our users as we continue with our aim to be the only money app that you need.

“We want to do all the hard work for our users, so they can get on with enjoying their lives.”

Headquartered in Bristol, U.K., MoneyHub demonstrated its Moneyhub Enterprise SmartAssist solution at FinovateEurope 2017. SmartAssist is a proactive intelligent messaging tool that helps users make better financial decisions. Moneyhub was acquired by South African insurance company, MMI Holdings, in 2014. Last month, the company sent its CTO Dave Tonge to mainland Europe to further the Moneyhub’s PSD2 strategy.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Moneyhub Enterprise

MOneyHubEnterprise_homepage_January2017

FE2017-V2-wdate

A look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Moneyhub Enterprise creates ready-to-use and customisable customer-centric, financial management technologies for businesses and their customers.

Features

  • Offers AI-driven, proactive intelligent messaging helps consumers improve their financial management
  • Suggests user-centric savings, investment, and borrowing options
  • Abolishes unexpected overdraft fees

Why it’s great
Using machine-learning techniques, it alerts users before any fines are incurred and provides simple automated actions to take, heralding the death knell of penalty charges.

Moneyhub_DaveTonge_newPresenter

Dave Tonge, Chief Technology Officer
Tonge is an open source enthusiast leading an amazing team who thrives on creating software to solve real world problems in a user-centric manner.
LinkedIn

 

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

MoneyHub Teams Up with Unbiased to Help People Manage their Finances

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London-based PFM MoneyHub has partnered with U.K. financial and legal advice-website Unbiased to help financial advisers put their clients “at the center of their financial world.” MoneyHub is calling the partnership “invaluable and unique” because it offers users transparency into finances and helps them plan their financial future.

The new offering integrates Unbiased’s Find an Adviser search tool, which gives MoneyHub users access to the UK’s largest selection of regulated advisers. The tool also helps users determine which adviser is best for their needs. Adding an adviser through the tool facilitates information-sharing between the MoneyHub user and their adviser, who can view an aggregation of the user’s accounts.

Unbiased is offering readers a free trial of MoneyHub’s premium service for a limited time. The company’s CEO Karen Barrett said, “We see technology and financial advice becoming ever more closely intertwined. Rather than replacing face-to-face advice, technology will help to make it more cost-effective and customer-focused.” Barrett added, “This partnership represents a new chapter in the way people relate to their finances, by placing unbiased advisers at the heart of these innovations.”

At FinovateEurope 2015, MoneyHub’s CEO Toby Hughes and CTO Dave Tonge debuted its Ecosystem, an online platform where users aggregate their financial data and information, access financial advice, and connect to products and services from financial institutions. Founded in 2013, MoneyHub was acquired by MMI Holdings in 2014.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.