Open finance partnership platform, mmob, has taken a major step toward the delivery of mainstream open finance adoption following its FCA authorisation for Payment and Account Information Service Provision.
The approval from the UK’s financial regulator validates mmob’s unique business model and feature-rich embedded finance product suite, which has been engineered to enable partnerships between digital service providers to thrive.
By greenlighting the secure processing and seamless sharing of customers' personal and account information, the FCA authorisation gives mmob license to push the boundaries of open finance. mmob can now enable its growing portfolio of global financial institutions and fintechs to select and rapidly rollout third party products and services that compliment and help complete their core propositions.
The consent-driven customer data will deliver unrivalled insights which mmob’s partners can use to better determine what their customers want and pinpoint the additional services that are worth their time and investment. In addition, by pulling down customer data from mmob’s intelligence layer, brands can automate key activities that have previously created friction and hindered the adoption of value-added services. These include entering card details, setting up direct debits, and prepopulating application forms.
“We exist to solve the problems surrounding partnerships,” said Irfan Khan, CEO, mmob. “Whilst there is a strong appetite to drive innovation, onboarding valuable third party services is typically slow and can feel steeped in risk. By utilising the data at their fingertips, our partners will gain the insight needed to create tailored, seamless experiences that increase retention and service stickiness, and reduce the abandoned baskets that typically accompany less sophisticated user journeys.”
mmob’s open finance platform eliminates the complexity, time, and resources financial service providers need in order to select and deploy partner-driven services. Through its API, banks and large established fintechs can quickly and easily connect to mmob’s network of third party partners and gain rapid access to new verticals, using one line of code.
“mmob’s intelligent platform ensures partnerships between our commercial partners and network of third party service providers are simple to set up, equitable and rewarding for everyone involved in the ecosystem. The regulatory approval is an important validation of our approach and critical to our delivering value. With it, we now have everything we need to ensure partnerships thrive by utilising customer data in a way that benefits both our partners and their users,” said Khan.