Starling Bank enters Moneyhub’s payment gateway
Financial management platform Moneyhub has integrated UK challenger Starling Bank into its payment gateway.
Nudge, nudge, think, think
According to Moneyhub, Starling is “the first challenger bank to support PSD2 PISP [payment initiation service provider] legislation”.
The integration with the bank’s API allows users to initiate a payment straight from one account to the other. The move follows the implementation of open banking in January last year, and comes ahead of the new requirement that all banks must support PSD2 legislation by September this year.
Samantha Seaton, CEO of Moneyhub, comments: “Being able to pay directly from one account to the other can mean faster and easier transactions for both customers and businesses. Whilst, businesses can also benefit from lower costs as well as the ability to see the full, end to end customer journey.”
Ben Chisell, product director at Starling Bank, adds: “We want to create a great banking experience for Starling customers, whether they are using our own app or using money management tools like Moneyhub.”
Moneyhub is also keen to nudge its “Smart Nudges” into the spotlight. Via this deal, Starling’s 500,000 users can also act on these nudges within the Moneyhub app.
For example, if a user spends less on entertainment than budgeted, they will receive a “Micro Saving” nudge prompting them to save the money left over into their choice of savings accounts or investment accounts they hold.
With Moneyhub’s gateway, users can initiate the payment to their ISA, savings account, pension or pay off any debts straight away making Smart Nudges actionable with immediate effect.
The technology developed by Moneyhub features almost 600 data links, “the largest of any aggregation provider in the UK”. Users can link up current and savings accounts alongside any credit cards, pensions, loans, mortgages, SIPPs, ISAs or investments.
Moneyhub holds licences for both an account information services provider (AISP) and PISP.
