Today we are delighted to release the first version of payments in Moneyhub. There is going to be lots more to come with this feature, but right now here is what you can expect when using payments.
Quick and secure payments
Payments let you move money between your connected current accounts, or pay family, friends, and businesses using Open Banking payments - these are regulated by the FCA and are one of the safest forms of payments.
When you request to make a payment in Moneyhub, you will be transferred to your banking provider's website or app to authorise using strong customer authentication. Moneyhub does not store your banking credentials.
Neither Moneyhub or any other individual can make payments on your behalf via Moneyhub - you are in safe hands!
Your rainy day fund has never looked so good
Moneyhub already helps you to achieve your financial goals through personalised spending budgets. Now you can choose to take action and move that saved money across to one of your other connected current accounts.
Getting Started
Access payments from the ‘My Money’ section of Moneyhub. You can transfer money between current accounts connected to Moneyhub via Open Banking. If your account is not connected, or you would like to pay family or friends, you can securely make payments to any UK bank account that has an account number and sort code.
Once your payment has been initiated, it usually is completed within 15 seconds. Payments are made using “Faster Payments” and your bank provides the same protection as it would if you paid from within their banking app or website.
Does it cost anything?
No, Moneyhub provides this service at no extra cost and unlike other types of payment providers, there are no fees applied for either party.
Got any other questions on payments? Get in touch with our friendly support team who will be happy to help: support@moneyhub.com