Moneyhub has secured Payment Initiation Services Provider authorisation from the Financial Conduct Authority, a step further from its current Account Information Services Provider status.

The financial management platform has also launched an application programming interface (API) gateway, which it described as a ‘one stop shop’ of personalised, permission-based, financial data sources, giving development teams access to data streams to help build innovative customer solutions.

The Moneyhub API gateway has a unique pricing structure in that it offers the more traditional ‘per account’ model, but can also provide a ‘per user’ model, which aligns to most consumer propositions, and simplifies the integration of individuals with multiple accounts for developers.

Chief executive Samantha Seaton said the introduction of Open Banking has been transformative for people’s relationships with their finances, but its potential is only just being realised.

“We are delighted that as one of the first regulated providers of Open Banking technologies, we have been at the forefront of developing payment capabilities and have now secured FCA approval as a Payment Initiation Services Provider,” she continued, adding: “This means we can empower our clients to advance their customer centric propositions.”

“The end of tedious financial administration on the journey to ever increasing financial wellbeing starts here.”

Moneyhub has worked closely with the Open Banking Implementation Entity to define the standard for UK Banking APIs, and continues to play a role in the European Parliament’s PSD2 workshops which focuses on delivering innovative and secure payment solutions across the European Union.

It also provides Connect, a tool that enables secure, real-time, two-way data sharing, which businesses can either deploy as a white-labelled solution or integrate via an API.

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