Moneyhub expands platform with payment initiation services
When the going gets tough, the tough add payment initiation services to their offering to let users make payments from multiple accounts with a single platform, reports David Penn at Finovate.
That’s the plan of account aggregation firm Moneyhub, which has secured payment initiation service provider (PISP) authorisation from the UK’s Financial Conduct Authority (FCA).
This will enable the Bristol, UK-based firm to more readily integrate with its bank partners – including new ones 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 realised,” Moneyhub CEO Samantha Seaton says. “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 gives consumers a holistic view of their finances – from current accounts and credit cards to loans and pensions.
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.
