Moneyhub and Mutual Vision collaborate to bring Open Banking to UK building societies
Open data and payment platform Moneyhub has partnered with fintech platform Mutual Vision to deliver “a 21st Century digital transformation for mutuals”.
The partnership will enable Mutual Vision, which is a digital mutual owned by its community of building societies and challenger banks, to provide them with Open Finance functionality and connections.
Moneyhub said it will provide the data and payment API connections and technology engine for Mutual Vision’s Open Banking services and systems of record.
The two companies said that the collaboration “empowers building societies to better serve their members”, through the provision of a holistic view of all members’ financial data and mobile apps with digital wallets that help consumers to budget and save.
Moneyhub CEO Sam Seaton said: “Open Banking and Open Finance are transforming traditional financial services by giving access to personal data that has, for so long, been hidden behind the walls of the largest institutions. The new services now enable even small Societies to offer market leading products and engage with their members like never before.
“We are proud to partner with Mutual Vision to support their important work helping mutuals drive better financial wellness through digital transformation.”
Sara Parker, chief product officer at Mutual Vision, added: “Building societies were formed to provide personalised services to community members, using insight and empathy. In a digital age, this can be achieved remotely and at scale through Moneyhub’s open data finance platform, making them a perfect partner for Mutual Vision.
“Having Moneyhub on our platform will help usher in a new generation of customers for building societies and credit unions.”
This week, Moneyhub announced it has been selected by the UK’s Pensions Dashboard Programme to take part in the initial testing phase, alongside Bud and Aviva.