Open Finance data and payments platform Moneyhub has made its payments system available to all white label clients, meaning that Open Banking payments are now the default payment method.
Moneyhub said that its functionality allows all businesses to build tailored products and services that incorporate card-free payments, in addition to providing consent-driven access to financial analytics and insights.
This means that all those using the Moneyhub platform, including white label clients, will have access to Open Banking card-free payments protocol, in turn allowing their users to transfer money between accounts using just one service, as opposed to a number of different apps or portals.
Dan Scholey, Moneyhub COO, said: “Moneyhub Payments enables any business to provide end-to-end digital journeys that result in actionable positive outcomes that are effortless for people.”
He added that the release has “wider significance” for the industry though.
“Embedded financial services are here and companies that are not in the tech space can now offer their customers access to advanced Open Banking payments inside a single service that also offers total visibility and control of their finances at all times,” Scholey said.
“Banks are becoming excellent utilities because money management is now an integral part of any product and service for people in today’s ‘always on’ digital economy. Aggregation of accounts combined with payments mean important financial transactions are no longer limited to banks and can now be performed inside any app with immediate effect, enabling a truly outstanding customer experience.”