SIn January 2019 TISA’s OSIP Steering Group set out to enable customers to access the full picture of their finances by bringing Open Finance into reality. This includes delivering a common set of standards and APIs to facilitate better data-sharing among businesses. This data sharing enables businesses to more effectively serve customers and develop the products and services that work best for them.

As CEO of Moneyhub, the only UK platform currently offering Open Finance connections to its customers and enterprise clients, Sam brings a wealth of hands-on experience of Open Finance to the Steering Group and her passion for the industry will help to shape Open Finance policy.

Other members of TISA’s OSIP Steering Group include Fidelity International, Hargreaves Lansdown, Morningstar, Royal Bank of Scotland/NatWest, and SS&C, amongst others.

Sam is already a member of the Money and Pension Service (MaPS) Pension Dashboard Steering Group which was set up to consider and work on the practicalities of the Pension Dashboard. The Pension Dashboard aims to be a universal tool in which individuals can see all their pensions in one place.Currently, it is estimated that there are 1.6million unclaimed pension pots worth £19.4 billion. (Source: Pension Policy Institute) The Pension Dashboard will make it easier for individuals to locate and view their pension pots.

Moneyhub was set up to take the stress out of money management, providing users with at-a-glance insights about their money. In the UK, the platform, powered by Open Finance, connects to hundreds of financial institutions, and enables customers to see and control all of their finances in one place including savings, pensions, investments, loans, mortgages, bank accounts, credit cards and even property values.

Originally designed as a direct to consumer app, Moneyhub Enterprise evolved to help other businesses support their clients’ financial endeavours and now works with start-ups, fintechs, employer benefit companies, charities, advisory firms and other organisations. Moneyhub has helped thousands of people to better manage their money, make smarter decisions and have a healthier financial future.

Samantha Seaton, CEO of Moneyhub comments: “For too long, our data has sat in other people’s hands. With the Moneyhub platform, it has been my mission to return consumer’s financial data and control back to them. Open Banking took us part way down this road, but on its own it’s not enough to give consumers an accurate view of their financial situation. Open Finance took us several steps further, allowing individuals to see their pensions, savings, investments altogether in one place. At Moneyhub we already offer Open Finance connections, but wider industry alignment is critical if we are going to enable people to take control of their financial futures.

“With no mandate or regulation for Open Finance yet, the work that TISA is doing to provide standards and accessible APIs is vital.

“I am looking forward to starting to work with the other members of TISA’s Open Savings, Investments and Pensions to help create this change and bring Open Finance to the forefront enabling better data-sharing practices across financial services providers.”

Harry Weber-Brown, Digital Innovation Director, TISA said: “We’re really pleased that Samantha has joined the steering group. She brings a wealth of experience and insight to the initiative. OSIP will make a real difference to people’s financial situations by ensuring that individuals can compare accounts more easily, automatically switch to a better rate, automate their savings or make more informed trade-offs about whether to save, invest, spend, borrow or consolidate.”