Financial management technology company Moneyhub is set to capitalise on growth in the European market as PSD2 is rolled out across the continent.
The rollout comes following the introduction of Open Banking in the UK last month, with two of the most stringent security measures for payment transactions and the abolition of ‘screen-scraping’ now set across the EU for 2019.
With the launch of Open Banking in the UK, Chief Technology Officer Dave Tonge is broadening his focus. In addition to strengthening Moneyhub’s proposition in the UK, he will also be working with European Regulators and Standards Bodies to deliver innovative payment solutions for European markets. He will basing himself in mainland Europe to further enhance Moneyhub’s presence and foster sustainable growth for the business in this target market.
Moneyhub sits at the forefront of the Open Banking revolution which will transform the financial services industry for both institutions and their customers. The changes mean that all banks and credit card providers across Europe must ‘open up’ their payment facilities and account information to other financial service providers.
The fintech organisation has been working closely with the Open Banking Implementation Entity to define the standard for UK Banking APIs. In addition, it was one of the few non-banking participants of the Open Banking technical workgroups, set up to deliver a framework for the design and development of the initiative. Moneyhub also played a key role in the European Parliament’s PSD2 workshops to date, which focused on delivering innovative payment solutions for European citizens.
Samantha Seaton, CEO of Moneyhub, commented: “Our ambition is to help consumers and businesses in the UK and across Europe reach greater financial wellbeing by providing cutting edge technology to the financial services industry. We are enabling unprecedented understanding of customer and employee behaviour, aspiration, need, and opportunity.
“Dave’s insight and experience is central to Moneyhub not only maintaining its status in the UK as forerunner in the industry, but establishing ourselves as a pan-European Fintech provider. His European presence will give us a great platform to grow and develop our offering to a wider audience.”
Dave Tonge, CTO at Moneyhub, commented: “Open Banking is one of the biggest shake ups that the financial world has seen in recent years, revolutionising the way businesses operate. It’s an opportunity to power growth and the new legislation will take all of the work we have done so far and move it to the next level. We’re excited to now expand this across Europe while continuing to grow in the UK and I look forward to delivering growth for Moneyhub as PSD2 is rolled out across the continent. Our partners are eager to grow in Europe, and we look forward to being alongside them on the journey.”
Open Banking will increase Moneyhub’s efficiency and ability to provide technology to enterprises, as the service will be streamlined due to the enforcement of APIs.