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Money Dashboard integrates Token Pay for boosting payments capability

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June 18, 2020

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UK-based personal finance management tool, Money Dashboard has selected open banking infrastructure provider, Token.io in a bid to integrate the latter’s Token Pay into the new Money Dashboard app. The integration is expected to boost a range of open banking payment services for users and enable UK consumers to initiate instant, low-cost account-to-account (A2A) transfers from within the app.

“Adding payments to our app is a natural next step for us,” commented Steve Tigar, CEO, Money Dashboard. “By integrating Token into the Money Dashboard experience, our users can now act on the analysis we provide from within the app, making the job of managing money simpler and more convenient than ever before. Token’s early success in payments together with its breadth of bank connectivity marks it out as the clear leader in the open banking payments space. It was an easy decision to partner with them.”

According to Money Dashboard, the partnership will allow it to expand its scope beyond account information services and leverage its ML technology to create payment initiation and data experiences. The new app built by the personal finance management company offers an A2A transfer facility powered by Token Pay that helps users to avoid late charges and overdraft fees. The company will also enable P2P transfers, thus allowing users to choose an account from their portfolio and move funds directly across to the account of a friend or family member from within the app.

Todd Clyde, CEO, Token, added, “Payment initiation is emerging as the killer use case in open banking. The ability to move money instantly from within the Money Dashboard app will help consumers make better financial decisions based on a more accessible view of available funds. Token provides the ability to initiate low-cost payments from thousands of banks across Europe, and we look forward to helping Money Dashboard leverage this connectivity and deliver new features to its users.”

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