Explore our A–Z of Open Banking Payments

Payments made directly from one bank account to another significantly reduce the time taken to make and receive payments.

Businesses benefit from getting paid more quickly which is better for cash flow, plus they save on card transaction fees and avoid any failed Direct Debit charges.

Learn how we can help your business set up A2A payments: https://www.moneyhub.com/payments/a2a 

Open Banking makes financial services available to a broader range of customers, especially those without access to credit cards, fostering financial inclusion.

Plus, Open Banking Payments can be made from various platforms and devices, ensuring customers can pay anytime, anywhere.

Talk to us about opening up your business to more customers.

This is a set of rules that allows different software entities to communicate with each other, and is fundamental to Open Banking.

Our Open Banking Payments API is a cheaper and faster alternative to traditional card-based payment methods and more effective than Direct Debits and standing orders.

From retail and e-commerce to paying friends and family and transferring money between their own accounts, clients are using our API to give their customers more freedom with Open Banking Payments.

Explore our Payment API and access our Sandbox:

The secret to secure and compliant transactions, reduced payment fraud and a smoother customer experience. 

1️⃣ Moneyhub's payment authentication leverages Strong Customer Authentication (SCA) as mandated by PSD2. More secure and compliant transactions reduce the risk of payment fraud, safeguarding your business and your customers. 

➕Added bonus: it enhances trust in the payment process.

2️⃣ Our authentication delivers a smoother user experience via the seamless integration of biometric and device-led authentication methods, such as fingerprint and facial recognition.

➕Added bonus: this convenience reduces cart abandonment rates, driving higher sales and revenue for your business.

Nearly all banks offer them to help their customers manage their money more easily, wherever and whenever is most convenient. But consumer expectations about what banking apps should do are growing.

With Moneyhub Open Data we can help you open up new money management possibilities. From nudges that prompt regular saving or setting budgets, to those alerting a customer they’re about to become overdrawn.

There are so many ways to support your customers, with a focus on building their financial wellbeing too. Find out how we can help: https://www.moneyhub.com/personal-finance-tech/homepage

Our Open Banking bulk payments capability streamlines the process of making multiple payments simultaneously, significantly reducing administrative overhead and operational costs. Managing bulk transactions more effectively frees up resources for more strategic activities.

Plus, the immediate settlement of bulk payments enhances cash flow management and financial planning. What’s more, by ensuring timely payments, businesses can maintain strong relationships with suppliers and employees, fostering trust and reliability, which ultimately supports business growth and stability.

Discover Open Banking payouts: https://www.moneyhub.com/payments/open-banking-payouts

Categorisation to detect income and expenditure with accuracy levels of 99.5%.

Moneyhub’s Categorisation Engine helps you understand what your customers do with their money.  Our powerful AI algorithms analyse an applicant's income and spending behaviours to identify key indicators for affordability, suitability, eligibility and vulnerability.

Want to get a real time view of your customers’ affordability?

Our clients use affordability checks at the outset of the originations journey and through 90 day ongoing consumer consent across the customer lifecycle, including collections. This enables them to see and assess a customer’s affordability in real time so that a repayment plan (promises to pay) that their customer can realistically afford and commit to can be agreed.

Better Data for Better Outcomes

Discover how Moneyhub can transform your data into powerful, actionable insight for better decisions: https://www.moneyhub.com/decisioning/homepage

Open Banking provides clear, auditable transaction records. By simplifying compliance, we reduce the burden on your business!

Crucially, we’re regulated by the FCA so you might not have to be. Depending on your Open Banking needs, you could become an agent of Moneyhub rather than going through the rigmarole of getting your business FCA authorisation.

Learn more then speak to our team to get started with Open Banking: 

https://www.moneyhub.com/blogposts/2024/5/1/fca-authorisation-and-how-moneyhub-can-help

This is the UK government’s approved supplier list. And Moneyhub is ON THE LIST!

Government agencies are encouraged to move to Open Banking to support efficiencies and enhance the financial wellbeing of citizens.

From tax bills and parking fines to refunds and benefit payments, Open Banking can transform the government’s processes and improve people’s experience. 

Plus, Open Data will enhance identity and affordability checks, with greater speed and accuracy – reducing human error and fraud.

Learn how our Open Banking services can transform payments and more for your government agency https://www.moneyhub.com/payments/crown-commercial-service

By gathering and consolidating data from multiple sources, Open Banking can provide a comprehensive view of a customer's financial situation.

Moneyhub “Decisioning" technology for affordability, vulnerability, suitability and eligibility helps organisations make better, more informed decisions in lending, in-life and collections for improved customer outcomes.

How it helps:

• 18% more loans approved for customers

• 33% improvement in timely loan repayments (first 90 days)

• 8% reduction in fraud

• 8.3% reduction of operating costs to served

Plus, our Detect. Intervene. Evidence. tools for Consumer Duty provide the proof and compliance reporting at every stage of the customer lifecycle.

Discover the benefits of Open Banking powered decisioning tools: 

https://www.moneyhub.com/decisioning/homepage

Yes, you read that correctly. What's a dolphin got to do with Open Banking? Well, like dolphins, Open Banking Payments are:

SLICK – They’re faster, more secure and lower cost.

SMART – They can be automated based on a customer’s available funds, flexible paydays or subscription usage.

SOCIAL – They make your customers’ transfers to friends and family easier, with pay-links sent via messaging apps.

Get in touch with our Payments team to discuss how we can help your business ‘be more dolphin’! ➡️ https://www.moneyhub.com/payments/contact-us

The Moneyhub Pensions Dashboard consolidates all pension information into a single, user-friendly interface, providing a comprehensive view of retirement savings. It empowers users to make informed decisions about their retirement planning.

Developing a Pensions Dashboard requires access to multiple data points and compliance with several complex regulations. We can help you build a robust, compliant yet user-friendly option, both quickly and efficiently. 

Plus, you’ll gain access to our expert Payments Team. Outside of the regulated Pensions Dashboard environment, you can facilitate customers to make additional contributions through our Open Banking Payments.

By working with us to launch your Pensions Dashboard, your business can increase customer retention and support financial wellbeing. 👏

https://www.moneyhub.com/blogposts/2024/8/23/thinking-pensions-dashboard-think-open-banking-payments

More and more retailers are taking customer payments and managing refunds via Open Banking.

Moneyhub's ecommerce capabilities streamline the payment process by integrating secure and efficient payment initiation services (PIS). This reduces transaction costs and speeds up settlement times, enhancing cash flow and profitability for online retailers.

Additionally, the seamless and secure payment experience can reduce cart abandonment rates and increase conversion rates. This leads to higher sales and improved customer satisfaction, driving repeat business and long-term revenue growth 📈 for ecommerce platforms.

Explore our ecommerce payments offer: https://www.moneyhub.com/payments/a2a

Our embedded payments capability allows businesses to seamlessly integrate Open Banking payments directly into their existing platforms and workflows. 💻  

Quick and secure transactions ➕ Reduced friction and increased conversion rates ➕ Automated payment flows reduce manual intervention ➕ Lower operational costs ➕ Improved cash flow management

🟰 higher profitability and a better customer experience.

Discover Moneyhub Open Banking Payments: https://www.moneyhub.com/payments/homepage

With fraud accounting for 40% of reported crime in England and Wales (according to the ONS), it’s a serious issue. And with payment diversion fraud, investment fraud, and cheque, card and online bank account fraud being the most common types, enhancing security in banking is more crucial than ever.

Thankfully this is where Open Banking excels!

The inherently secure nature of Open Banking Payments significantly reduces the likelihood of fraud.

Here’s how:

✅ Strong customer authentication by design

✅ Customer won’t need to share bank account or card details

✅ No need to key in or share account number or sort code

Learn more: https://www.moneyhub.com/payments/homepage

Open Banking flexible payment options available to your business with Moneyhub include:

– instalments
– deferred payments
– variable recurring payments (VRPs)

This means you can meet the diverse needs of your customers, leading to better satisfaction.

Predictable revenue streams and reduced risk of late payments means your business also gains improved cash flow management.

Once again Open Banking Payments delivers a win-win – better for your customers and better for your business.

Partner with Moneyhub to drive your business success: https://www.moneyhub.com/payments/homepage

Our commitment to innovation ensures businesses are well prepared for the future of payments through Open Banking and Open Finance technologies. We help our clients to stay ahead of regulatory changes and market trends to maintain a competitive edge.

We’re developing new solutions like variable recurring payments (VRP) and enhanced security measures, so that businesses can offer even more cutting-edge services.

Explore how Moneyhub’s tech-savvy team can help your business stride ahead into a brighter future: https://www.moneyhub.com

Government Agencies are poised to take full advantage of Open Banking.

Moneyhub's solutions for government agencies enhance financial transparency and efficiency by providing comprehensive data aggregation and analysis tools.

• Better decision-making and resource allocation, ensures public funds are managed effectively and responsibly.

• Secure and compliant payment initiation services streamline the collection and disbursement of funds, reducing administrative overhead and operational costs.

• Improved service delivery to citizens enhances public trust in government financial management, ultimately supporting broader policy objectives and societal benefits.

As a Crown Commercial Service supplier, Moneyhub is ready to get UK government agencies on board with Open Banking.

https://www.moneyhub.com/blogposts/2024/6/27/ouhjq8ornk1vtwb6n035swzg5e30ui

Make transferring large amounts of money more secure than ever with Open Banking Payments – the safer alternative to manual bank transfers.

For business, it’s also a more cost effective option:

1. Our high-value payment solutions leverage Open Banking to facilitate direct fund transfers, bypassing traditional card networks. By cutting out the middleman, this approach significantly reduces transaction fees.

2. By improving their bottom line in this way, a business can allocate more resources to growth initiatives, driving increased profitability and competitive advantage.

Explore what’s possible: https://www.moneyhub.com/payments/homepage

By leveraging Open Banking, we facilitate real-time transactions – funds are transferred instantly between accounts.

Immediate payments offer two major benefits for businesses:

1️⃣ Their speed enhances cash flow management – businesses can access funds immediately and improve liquidity.

2️⃣ This seamless and efficient payment experience increases customer satisfaction, which can lead to:

• higher transaction completion rates

• strengthened customer loyalty

• increased sales and revenue for businesses.

Learn more: https://www.moneyhub.com/payments/a2a

J is for Just-in-Time payments

Are you ready to use Just-in-Time (JIT) payments for better efficiency?

They optimise cash flow by executing payments right when they’re due. And with Open Banking, this is a  seamless and automated process.

Business benefits:

• Better Cash Flow: Keep funds available for strategic needs by delaying outflows.

• Increased Efficiency: Automate payments, reducing errors and admin costs.

• Avoid Late Fees: Ensure timely transactions to maintain strong supplier relationships.

Moneyhub’s secure APIs integrate smoothly with your systems, offering a streamlined way to manage finances.

Ready to boost your payment operations?

Speak to our team: https://www.moneyhub.com/payments/contact-us

Level up your KYC processes with our Open Banking capabilities.

Real-time access to verified financial data directly from customers' bank accounts = immediate access to accurate information.

Open Banking insights are faster and cheaper than traditional KYC checks.

The availability of enriched data favours more comprehensive customer profiles and enhanced due diligence = better risk assessment and fraud detection. 

Learn more about Moneyhub’s account verification service https://www.moneyhub.com/payments/account-verification

and find out what else is possible with our Open Data APIs: https://www.moneyhub.com/apis/homepage

• QR code

• Text

• WhatsApp message

• Email

• Web button

You can share a link to pay in so many forms. It’s a convenient way for customers to make a payment to your business. 

Plus, the cost benefits really stack up:

1. No need for expensive payment terminals and their associated maintenance bills.

2. No costly PCI DSS compliance required.

3. Lower transaction fees than card payments.

It’s easy to implement Pay by Link – our team can help or use our widget to get started straight away.

https://www.moneyhub.com/payments/pay-by-link

Open Banking payments offer exceptional convenience: anyone with a mobile banking app can make a payment, without the need for a credit or debit card.

In our recent consumer research we found that:

56% of people access their bank account via Mobile Banking app
53% of people pay their friends manually via their Banking app
36% of 18-24 year-olds pay with their phones when buying something in person

Businesses offering Open Banking payments can capitalise on consumer readiness to use their mobile phones, enabling quick and secure transactions on the go.

You’ll reduce transaction costs, boost purchase completion, and reach more customers, ultimately increasing your revenue.

Discover your options: https://www.moneyhub.com/payments/a2a

We simply couldn't resist!

As experts in Open Banking, our mission is simple: to work with our clients to enhance the financial wellness of people, their businesses and their communities.

We love working with an array of interesting organisations helping them offer personalised financial services for better customer engagement and satisfaction.

We provide:

• Payments

• APIs

• Categorisation

• Pensions Dashboard

• Decisioning tools

• Personal finance tech

• Account verification

Explore our case studies: https://www.moneyhub.com/case-studies

Let’s make this easier! 🍰

The challenge: 💪

Too many customers are missing out on better financial products because account deposit processes are complicated. Accounts risk getting closed if a customer hasn’t deposited their money after a set period..

The Open Banking solution: ⭐️

Open Banking payments enable your customers to transfer funds into a new account seamlessly and quickly, bypassing card fees and delays. With this faster and more secure way to deposit money into a new account, you can reduce the abandonment rates of newly opened accounts.

On top of that, integrating Open Banking into the onboarding process enhances compliance with regulatory requirements such as KYC and AML. By accessing verified financial data, businesses can perform thorough due diligence, reducing the risk of fraud and financial crime.

https://www.moneyhub.com/payments-account-opening

What makes us amazing is that we offer all three!

We provide businesses with a unified platform for accessing and managing a wide range of financial data. 

Together we can harness and interpret that data so your business can offer truly personalised and holistic financial services to customers: https://www.moneyhub.com/blogposts/difference-between-open-banking-open-finance-and-open-data

Why work with multiple suppliers when Moneyhub offers it all?

Start a conversation with our team today: https://www.moneyhub.com/payments/contact-us

Once again it’s all about efficiency savings for businesses.

Moneyhub's payout capabilities streamline the process of transferring funds to multiple people, reducing both admin and operational costs. 

Open Banking payments enable businesses to manage payroll and numerous supplier payments more effectively.

Move away from traditional payout methods with Open Banking:

https://www.moneyhub.com/payments/open-banking-payouts

Moneyhub's PFM solutions provide users with a comprehensive view of their finances by bringing together data from various accounts, including bank accounts, credit cards, loans, and investments. This empowers them to make informed financial decisions, increasing their engagement and satisfaction, and supporting them to improve their financial wellbeing.

With personalised insights and actionable advice, such as budgeting tips, spending categorisation and savings nudges, PFM tools help users to manage their finances more effectively. With Open Banking payments built in, it’s even easier for customers to transfer funds into savings, deposit money into a new account or pay off their credit card.

What can we do together?

✅ Build an PFM app for your customers: https://www.moneyhub.com/personal-finance-tech/whitelabel-platform

✅ Offer our financial wellness app as an employee benefit: https://www.moneyhub.com/personal-finance-tech/multibuy-plan

They make Pay by Bank even easier – customers just scan with their mobile to make an account-to-account payment in seconds.

Use them in-store, online, at events and even on invoices.

By massively simplifying the process at the point of sale, your business can increase the rate of completed transactions.

For businesses, they’re:

Cost effective: Eliminate the need for expensive point-of-sale (POS) terminals and associated maintenance costs. 

Flexible: Use them in different places to make it convenient for your customers.

Innovative: Find novel ways to reach a broader customer base and explore new revenue streams.

Discover more: https://www.moneyhub.com/payments/a2a

The streamlined nature of Open Banking allows for fast and easy onboarding of your business and your customers.

Our team is here to find the right Open Banking payments solution for your business. You can choose our low-code widget to get yourself set up or we can support you throughout the implementation.

Once you’re up and running, Open Banking means faster onboarding for customers so your business can capture and convert leads more effectively:

• Reduce the risk of losing potential customers due to lengthy payment processes.

• Drive higher conversion rates and accelerate customer acquisition.

The speed of payments improves customer satisfaction by providing a seamless and efficient transaction experience. Quick payments reduce waiting times and enhance trust, leading to higher customer loyalty and repeat business.

Get in touch with our team to start benefiting from the speed of Open Banking payments:

https://www.moneyhub.com/payments/contact-us

There is a lot of talk about the benefits of Variable Recurring Payments – they offer a flexible and dynamic alternative to traditional Direct Debits and card-on-file methods. VRP allows customers to set up and manage payments with variable amounts and frequencies.

VRPs can be used to pay regular bills from utilities and tax, to insurance and loan repayments in a way that’s tailored to their circumstances, such as when or how regularly they get paid.

VRPs open up a range of payments possibilities:

• Flexible club memberships

• Household budgeting assistance

• Consumption-based payments, such as pay-as-you-drive insurance

Our Open Banking recurring payments provide a more secure alternative to Direct Debits and card-on-file methods. They can reduce management costs and remove hidden overheads.

Learn more about VRP: https://www.moneyhub.com/payments/vrps

Open Banking powers smart payments that are quicker, more flexible and cost effective.

• Near-instant – Receive your money almost immediately rather than waiting the 4 days typically required for Direct Debit. Great for cashflow.

• Cost effective – Know that there’s enough money in your customers’ account before taking a payment. Prevent the customer from going into overdraft and further penalisation for your business from failed Direct Debits.

• Flexible – Customers can choose to average out their bills across the year or match their payments to their payday or income pattern. They can even split bills for multiple occupancy households.

Delivered via our Variable Recurring Payments solution, Smart Payments have a big role to play in helping any organisation that regularly bills customers, to improve efficiency and avoid missed payments.

https://www.moneyhub.com/payments/vrps

Open Banking Payments can facilitate dividing utility bills between flatmates and splitting the restaurant tab between friends.

They can enable seamless and secure transactions directly within social networks, allowing users to make payments without leaving the platform, maintaining the security associated with bank-level authentication and account verification. This lowers the potential for fraudulent transactions, increasing convenience and reducing friction, which leads to higher engagement and satisfaction.

Making instant payments within social networks supports various use cases, such as:

• peer-to-peer transfers

• in-app purchases

• donations

Learn more: https://www.moneyhub.com/payments/a2a

Moneyhub is committed to environmental sustainability, aiming to become carbon neutral by 2035. We can help your business achieve similar goals! 

Here's how: 

Our Open Banking capabilities support sustainability by reducing the need for a physical payment infrastructure and decreasing the complexity of processing networks.  

It also cuts down the energy consumption associated with traditional payment processing systems. 

How people use their money can have wide-ranging impacts on the environment, both positive and negative. By enriching Open Banking transactional data with Carbon Analysis data, financial services can provide customers with detailed insights into how each transaction contributes to their carbon footprint. 

Hints and tips can inform customers about how they can take simple steps to reduce their carbon footprint.

Learn about our Carbon Counter API Recipe: https://www.moneyhub.com/blogposts/2024/6/19/how-financial-services-can-lower-consumer-carbon-footprints