New PISP authorised under Open Banking rules

By Ryan Weeks on 13th August 2018

Fintech

Moneyhub is a financial management platform for individuals, advisors and businesses.

New PISP authorised under Open Banking rules

Moneyhub has been authorised as a Payment Initiation Services Provider (PISP) by the FCA, having already secured Account Information Services Provider (AISP) status.

The platform gives users oversight of all data relating to their accounts, credit cards, loans and pensions. It caters to individuals, advisors and businesses.

With PISP status secured, Moneyhub will evolve beyond simply offering overviews. Its users may now enact seamless payments from various providers using the platform. Samantha Seaton, the CEO of Moneyhub, has declared: ‘Frictionless Finance has arrived’.

Open Banking, which was implemented in the UK at the start of this year, opens access to the customer data held by the big banks for a range of third party firms, so long as customers grant their permission to the third party. Third parties must also be authorised as either an AISP or PISP by the regulator in order to access this data. Just ten PISPs have been authorised to date.

In tandem to its authorisation, Moneyhub has also launched its API gateway. It says this will form the largest ‘one stop shop of personalised, permission based, financial data sources’ and that it will give businesses access to a comprehensive source of data streams.

“It will power a new wave of innovation that will revolutionise people’s relationship with money and the way they buy products and services,” said Seaton of the gateway.

Moneyhub will charge users of the gateway on either a ‘per account’ or ‘per user’ model.

 

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