Moneyhub makes Open Banking Payments the default way to pay

By Joy Dumasia

Moneyhub, the Open Finance data, intelligence and payments platform, has made its Payments system available to all its white label clients.

Moneyhub API clients already benefit from the ability to embed plug and play payments into their front ends. Everyone using the Moneyhub platform, including white label clients, has access to the same Open Banking card-free payments protocol. Payments can be secured with a thumbprint, eye scan or PIN, depending on the customer’s choice.

Moneyhub’s full implementation of Open Banking’s Payment Initiation Service will democratise savings and investments for everyone and save Moneyhub’s enterprise clients millions of pounds in the process. It will be a customer-centric transformation on all levels.

Moneyhub’s new Payments update also resonates with its wider mission to enhance the financial wellness of consumers and businesses by providing immediate clarity and holistic control over their finances. Moneyhub has already established itself in the UK’s wealth, insurance, and retail markets and boasts clients including Mercer, Aon, Nationwide, Hometrack and Standard Life.

It has established the largest number of native Open Banking connections in the UK of any provider in the market, with 200 financial services providers covering 584 specific UK payment accounts and a further 3,500 connections in Europe. 

Dan Scholey, Moneyhub COO, said: “Moneyhub Payments enables any business to provide end to end digital journeys that result in actionable positive outcomes that are effortless for people. We can finally help our clients exceed, not just meet, their customers’ ever-increasing expectations for high-quality immediate delivery of products and services.”

Recently, IBS Intelligence reported that Moneyhub, the Open Finance data, intelligence and payments platform, announced its most significant investment round, a total of $18mn, to fuel its rapid expansion into new markets.