Moneyhub, the market-leading Open Finance data, intelligence and payments platform, has today made its cutting-edge Payments system available to all its white label clients.

The functionality allows all businesses to build tailored products and services that incorporate card-free payments, as well as offering content-driven access to financial analytics and insights.

Moneyhub API clients already benefit from the ability to embed plug and play payments into their own front ends. Now everyone using the Moneyhub platform, including white label clients, has access to the same Open Banking card-free payments protocol, allowing their users to easily transfer money between accounts using just one service rather than a number of different apps or portals. Payments can be secured with a thumbprint, eye scan, or pin number, depending on the customer’s choice.

The update is a key milestone on a roadmap that will fast-track the transformative nature of Open Banking and make “sweeping” money with rules such as rounding up, matching a spend, or beating a budget the new normal. When Variable Recurring Payments (VRPs) are introduced, it isn’t just card payments that will no longer be needed: standing orders and direct debits will also become redundant.

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 wealth, insurance and retail markets in the UK, 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, as well as a further 3,500 connections in Europe. Now white-label clients will be able to take advantage of this unique, vast and ever-growing network to power payment solutions.

The combination of Moneyhub’s platform, team and clients allowed it to secure a number of prestigious awards in July 2021. It was awarded the Best Open Finance Innovation prize by a panel of industry experts at the Open Banking Expo Awards. Moneyhub also secured Best Open Banking Partnership in the Consumer section for its work with Mercer to develop a Financial Wellness proposition in the workplace, savings and investments sector. It went on to win Pensions Tech of the Year and Wealth Tech of the Year at the UK FinTech Awards.

Financial services institutions that use Moneyhub’s services already enjoy greater engagement from their customer distribution channels. In the pensions space, for instance, Moneyhub has been used to create applications that have prompted younger people to engage with their longer-term savings with unprecedented frequency.

Any business, including pension providers, wealth managers, employee benefits consultants (EBC) and so forth can now offer their own customers the game-changing ability to perform core banking functions inside their own offerings, driving further engagement and offering enhanced, personalised customer experiences.

Dan Scholey, Moneyhub COO, carried out the first-ever Open Banking payment by a member of the public at the Altus Platform Efficiencies Event on 19 September 2018, using payment initiation services (PIS) to enact an instant and direct bank to bank payment.

“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.” Scholey said.

“This is an important release for Moneyhub, but it also has a wider significance across the industry. Embedded financial services are here and companies that are not in the tech space can now offer their customers access to advanced Open Banking payments inside a single service that also offers total visibility and control of their finances at all times.

“Banks are becoming excellent utilities because money management is now an integral part of any product and service for people in today’s ‘always on’ digital economy. Aggregation of accounts combined with payments means important financial transactions are no longer limited to banks and can now be performed inside any app with immediate effect, enabling a truly outstanding customer experience.

“We’re excited to give all Moneyhub clients a new industry-leading ability which will improve their customers’ financial wellbeing and open up new ways of managing their finances.”