Account aggregation vendor Moneyhub has secured Payment Initiation Services Provider (PISP) authorisation by the FCA, enabling users to initiate payments across accounts from a single site.
Moneyhub already operates as an Account Information Services Provider (AISP), consolidating data from multiple accounts into one place so people can easily see and engage with all of their finances - from current accounts to credit cards, loans and pensions. The firm offers users a series of smart nudges that proactively alert consumers to overspending or better interest rate offers.
PISP authorisation further simplifies the integration with banking partners, enabling payments from accounts through the Moneyhub platform.
The firm, which is currently connected to Starling and Monzo and is in the process of linking to other bank APIs, has also launched an API gateway for data sharing and product building with third party businesses.
Samantha Seaton, CEO of Moneyhub, comments: “The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realised. The end of tedious financial administration on the journey to ever increasing financial wellbeing starts here."