mmob secures FCA authorisation for open finance partnership platform

By Joy Dumasia

Open finance partnership platform, mmob, has taken a significant step toward delivering mainstream available finance adoption following its FCA authorisation for Payment and Account Information Service Provision. The approval from the UK’s financial regulator validates mmob’s business model, which has been engineered to enable partnerships between digital service providers to thrive.

With the secure processing and seamless sharing of customers’ personal and account information, the FCA authorisation gives mmob license to push the boundaries of available finance. mmob can now enable its growing portfolio of global financial institutions and FinTechs to select and rapidly rollout third party products and services that complement and help complete their core propositions.

The consent-driven customer data will deliver unrivalled insights that mmob’s partners can use to determine better what their customers want and pinpoint the additional services worth their time and investment. In addition, by pulling down customer data from mmob’s intelligence layer, brands can automate critical activities that have previously created friction and hindered the adoption of value-added services. These include entering card details, setting up direct debits, and prepopulating application forms.

Irfan Khan, CEO, mmob, said: “We exist to solve the problems surrounding partnerships; whilst there is a strong appetite to drive innovation, onboarding valuable third party services are typically slow and can feel steeped in risk. By utilising the data at their fingertips, our partners will gain the insight needed to create tailored, seamless experiences that increase retention and service stickiness, and reduce the abandoned baskets that typically accompany less sophisticated user journeys.”

Through mmob’s API, banks and large established FinTechs can quickly and easily connect to mmob’s network of third-party partners and gain rapid access to new verticals using one line of code.