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Moneyhub secures FCA authorisation to enable payments and launches API gateway

  • Open Banking pioneer will offer the ability to make payments and bank to bank transfers in addition to seeing all financial information in one place
  • Moneyhub launches API gateway as a ‘one stop’ shop, enabling companies to connect their customers with the most comprehensive range of data

Moneyhub has secured Payment Initiation Services Provider (PISP) authorisation by the FCA, cementing its place as a pioneer of open banking.

The authorisation goes one step further from Account Information Services Provider (AISP) status, enabling seamless payments as well as visibility of all financial transactions across accounts in one place.

Alongside giving control of payments, income, expenditure, investments, pensions and savings, Moneyhub has also launched its API gateway. The gateway will offer the largest ‘one stop shop’ of personalised, permission based, financial data sources, and will give businesses’ own development teams access to the most comprehensive source of data streams, helping them to build innovative customer centric  solutions.

Companies can benefit from the optimisation of these data sources, as the price, data richness and frequency of data update will be factored into an automated selection process to best suit the business model and customer requirements.

The Moneyhub API gateway has a unique pricing structure in that it offers the more traditional “per account” model but can also provide a “per user” model.  The “per user” model aligns to most consumer propositions and for developers, it simplifies the integration of individuals with multiple accounts.

Samantha Seaton, CEO of Moneyhub, commented:

“The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realised. We are delighted that as one of the first regulated providers of Open Banking technologies, we have been at the forefront of developing payment capabilities and have now secured FCA approval as a Payment Initiation Services Provider. This means we can empower our clients to advance their customer centric propositions. Frictionless Finance has arrived.”

“The end of tedious financial administration on the journey to ever increasing financial wellbeing starts here. We’re delighted to also launch our API gateway, which has the most comprehensive data sources. It will power a new wave of innovation that will revolutionise people’s relationship with money and the way they buy products and services.”

Moneyhub has worked closely with the Open Banking Implementation Entity to define the standard for UK Banking APIs, and continues to play a key role in the European Parliament’s PSD2 workshops which focuses on delivering innovative and secure payment solutions across the EU.

Moneyhub also provides Connect, a tool used by professionals that enables secure, real-time, two-way data sharing. It’s a secure, scalable platform that businesses can either deploy as a white labelled solution or integrate via API. This capability along with the breadth of data sources, industry expertise and pricing models means Moneyhub is able to help companies improve engagement and build innovative and effective strategies.