Plum’s chatbot integrates Monzo and Starling
Written by Peter Walker
Money management chatbot Plum will now support challenger banks Monzo and Starling Bank via Open Banking and a partnership with TrueLayer.
Users can now avoid sharing their login details by logging in with their actual banking provider and then authorising another party - TrueLayer - to access their data. This allows Plum to request access to account data held by Monzo or Starling, simply and securely via an API, without ever learning the user’s login information.
Account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information. Access is read-only, so cannot be used to make changes and the data passed is end-to-end encrypted.
Plum connects to UK current accounts and monitors spending patterns, setting aside an amount of money that can be safely saved every few days. Users can also analyse their spending using the Insights features, or choose to invest in one of seven options tailored around industry themes such as ethical investments.
“Adding Monzo and Starling to our ever growing list of supported banks is a key step in achieving our mission to make everyone better off,” commented Victor Trokoudes, chief executive and co-founder of Plum. “We have seen demand for challenger banks increasing significantly since we launched and are thrilled to see that these banks are gaining momentum.”
Francesco Simoneschi, chief executive and co-founder of TrueLayer, added: “Every week brings an exciting new application of Open Banking - this is a testament to how the initiative should work - a disruptive new technology can quickly and securely become available to a bank’s customers.”