Source: Cognito Media
Moneyhub, the leading applied AI and data intelligence platform for financial institutions, has joined UK Payments Initiative Ltd (UKPI) as the scheme’s first non-shareholder participant. The move confirms Moneyhub as a forerunner in Pay by Bank, a smarter, more flexible alternative to direct debit that moves money directly between accounts in real time, on rules the customer sets. For clients, it unlocks three clear gains: higher assets under management, lower operational costs and greater customer satisfaction, all driven by automating account top-ups.
Dan Scholey, chief product officer, Moneyhub
UKPI provides a rulebook, commercial model and operational standards for flexible, automated account-to-account payments powered by Open Banking. The scheme is structured in waves, with Wave 1 covering regulated, lower-risk use cases, including sweeping into pensions and investments, mortgage and loan repayments, utilities, insurance, and charitable giving. Wave 2, which targets merchant-facing payments in direct competition with card networks, is still in development.
While Wave 2’s merchant-facing frameworks are still in discussion, the most impactful momentum is in Wave 1, the use cases that map directly to its existing enterprise data capabilities.
Today, Moneyhub already powers intelligent top-ups into pensions and investments, plus automated sweeping for savings, cards and loans. The UKPI scheme enabled Moneyhub to fully automate rule-based, variable transfers between any institutions, in real time. In practice, clients can let customers move money entirely on their own rules, such as sweeping a surplus payday balance straight into an ISA, with no manual intervention, and with Moneyhub’s data intelligence deciding the timing and amount.
Richard Koch, managing director, UK Payments Initiative
Dan Scholey, chief product officer at Moneyhub, said: “Payments have never really reflected how people actually manage their money. Moneyhub powered the UKs first Open Banking payment by a member of the public back in September 2018, a direct bank-to-bank transfer that felt like a glimpse of what was possible. This is the next step: money that moves intelligently, adjusting around income, spending and affordability regardless of destination.
“For our clients this means smarter and smoother ways for their customers to move money into pensions, ISAs, savings and investment products, driving deeper deposits, stronger engagement and more loyal customers.”
Richard Koch, managing director of UKPI, said: “We are delighted to welcome Moneyhub as the first non-shareholder participant in the UKPI scheme. Moneyhub has been an important player in bringing the scheme to fruition, and its proposed use cases are exactly the kind of purposeful, early adoption that will prove the model and build consumer trust.”
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