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Moneyhub boards public sector open banking push

Moneyhub boards public sector open banking push

Moneyhub has been named as a supplier on Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework for its account-to-account payment services.

Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services.

The DPS framework, which is open to any approved supplier of open banking services, was rolled out in January this year, with the aim of reducing costs, cutting down on fraud and reducing delays in payouts through the use of faster payment rails.

All UK public sector entities, such as the central government, local authorities, NHS, schools, charities, and public administrations will be able to access the DPS.

By negating fees incurred by traditional debit card payments, it is believed the DPS could help achieve savings of 70-80%.

Vaughan Jenkins, managing director of partnerships at Moneyhub, comments: “The public sector has a significant opportunity to benefit from and lead the way in the mass adoption of Open Banking solutions. The continued adoption of Open Banking technology will result in better outcomes for taxpayers and the country.”

Moneyhub follows in the footsteps of NatWest, which last week beccame first UK Bank to become a DPS supplier, offering public sectior organisations the opportunity to use Payit by NatWest, which also includes Confirmation of Payee (CoP) API services to prevent fraud.

The UK tax office has been a standard bearer for open banking technology in the Government sector, enabling users to pay their bills through A2A payments services provided by Ecospend.

The firm says that more than one million customers made payments through its Pay by Bank technology to make over £3.3 billion in tax payments to HMRC since the start of 2024 - in part thanks to the Self-Assessment tax deadline on the 31st January.

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