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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.