Moneyhub to provide Open Banking solutions to UK government
By Gloria Methri
Moneyhub has been named as a supplier of Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework for its Open Banking and Payment services.
Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services.
The DPS framework, which is open to any approved supplier of open banking services, was rolled out in January 2024, to reduce costs, curb fraud and reduce delays in payouts using faster payment rails.
Moneyhub is a data and payments platform built on Open Banking and Open Finance principles. Its solutions already help businesses in various sectors increase efficiency and offer consumers efficient, secure alternatives to card and cash payments.
Through its work with clients such as Nationwide, Lloyds Banking Group, Standard Life, Legal & General, amongst hundreds of others, Moneyhub has proven the benefits of Open Banking and account-to-account payment solutions.
Government organisations’ ability to purchase Moneyhub services through the DPS will help more public sector services increase efficiency and experience the benefits that Open Banking delivers.
Vaughan Jenkins, Managing Director of Partnerships at Moneyhub, said, “At Moneyhub we’re on a mission to enhance the lifetime financial wellness of people, their communities and their businesses, and the public sector has a significant opportunity to benefit from and lead the way in the mass adoption of Open Banking solutions. The continued adoption of Open Banking technology will result in better outcomes for taxpayers and the country.”
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