Monese partners with tell.money for Open Banking services

By Gloria Methri

tell.money has been appointed as the official open banking gateway provider for Monese, the UK-based mobile money app. The collaboration bolsters tell.money’s mission to simplify open banking integration for Third-Party Providers (TPPs) while expanding its European presence.

The partnership introduces comprehensive EU coverage for TPPs alongside enhanced support features, including a dedicated sandbox environment for testing and implementation.

tell.money Co-Founder David Monty stated, “We are delighted to announce Monese’s choice to integrate tell.money as its open banking partner. It showcases our desire to enable more TPPs to engage with the FinTech sector. tell.money is now able to support them more rapidly in registering as a Third Party Payment Provider and allow our mutual clients to have access to account information and payment initiation.”

The partnership introduces several key benefits for TPPs and financial institutions:

• Seamless Migration: Existing TPP partners can transition smoothly to the new system with comprehensive support throughout the process
• Enhanced Testing Capabilities: Access to tell.money’s sandbox environment enables thorough testing before live implementation
• Dedicated Support: Assignment of implementation managers to guide TPPs through the integration process
• Extended Geographic Coverage: Full EU market access, complementing existing UK operations
• Consolidated Account Management: Enhanced capability for users to view multiple account balances in one interface
• Secure Payment Initiation: Streamlined payment processes with robust security protocols

This partnership aligns with current market trends, mainly the FCA’s focus on enhancing open banking frameworks and the industry’s move towards broader open finance initiatives. It addresses the growing demand for embedded finance solutions while maintaining strict compliance with PSD2 regulations.

Monese Founder and CEO Norris Koppel said, “We are delighted to partner with tell.money for our open banking services and give our customers control over their finances. This integration ensures we continue providing customers with the ability to link their third-party banking applications and manage their money in one place. We are committed to making financial services simple and accessible for all, and we are happy that tell.money can support us in delivering this.”