By Daniel Lanyon on 16th April 2018
The move follows the introduction of Open Banking and the increasing standardisation of UK Banking APIs.
This will offer Monzo and Starling’s customers using the Moneyhub app the ability to link up current and savings accounts, credit cards, pensions, loans, mortgages, SIPPs, ISAs and investments. The app says that its platform hosts the most data links of any aggregation provider in the UK providing unparelled granular insights as to customers' financial status.
Moneyhub’s Smart Nudges and proprietary categorisation engine will also be available to the banks’ users. Personalised Smart Nudges bring insight to customers on how they can save money. For example a Loan to Value ratio nudge proactively alerts when customers qualifying for better mortgage rates or a Micro Saving nudge where a reduction in regular spending has been identified which could easily be put to better use.
Moneyhub says it is also poised to work with all the nine CMA banks when they go live with Open Banking and is currently integrating with the six who are ready now. Samantha Seaton, CEO of Moneyhub, says Open Banking has moved one step closer in recent months as banks' APIs move towards greater standardisation.
"Connecting with Monzo and Starling, two challenger banks already at the forefront of putting consumers in control of their finances, is exciting for us and for Monzo and Starling customers who can enjoy being in control of their financial situation in its entirety”.