Digital financial advice service, OpenMoney, has partnered with financial management platform, Moneyhub, to extend its open banking integrations, following the Open Banking changes that took effect from 14th March.
The OpenMoney app combines financial information from different service providers so customers can see exactly how much money they have, how much they owe, how much they are spending and what they are buying across all their accounts. Customers can see all their financial products in one place including bank accounts, credit cards, mortgages, investments and pensions.
The partnership with Moneyhub now allows OpenMoney customers to link with a wider range of providers including challenger banks Monzo and Starling. Transactions from most banks will further enhance performance, giving up-to-date balance and transaction information every time users access their account, and spending will be automatically and intelligently categorised constantly improving with use.
Anthony Morrow, CEO and co-founder of OpenMoney, explains: “We wanted to ensure that our customers could continue to make the most of the new Open Banking rules, by having as full a picture of their financial circumstances as possible via the OpenMoney app. By partnering with Moneyhub it enables our customers to benefit from a wider range of provider integrations, whilst enjoying the development of new and exciting features created by both companies.”
Samantha Seaton, CEO of Moneyhub said: “The advice and engagement gap remains a significant challenge. In combining Moneyhub's Open Finance platform and OpenMoney’s technology, we can provide an innovative solution that is both intuitive, impactful, and cost effective for all.
“Open Banking changed the rules of the game, but Open Finance which in addition to current accounts also covers pensions, mortgages, investments and loans, will truly transform how everyone thinks about money. I'm inspired by what the OpenMoney team has achieved, so the opportunity to collaborate with them and develop our shared goal of promoting greater financial awareness and insight is exciting. OpenMoney firmly believe in making financial advice accessible to all - and I couldn't agree more. What an absolute treat to partner with such a like-minded team.”
Press contact
Moneyhub:
David Sells/Eleanor Ross at Teamspirit for Moneyhub
moneyhub@teamspirit.uk.com / 020 7360 7878
OpenMoney:
Jenette Greenwood at The Lang Cat
jenette@langcatfinancial.com / 07710392303
Notes to Editors
About OpenMoney
OpenMoney is a low cost online financial advice service for savers and investors. It combines technology and human advisers to make financial advice and investing accessible and affordable to everyone - whatever your age, wealth or experience. The venture is backed by Duncan Cameron, MoneySuperMarket.com co-founder, and Anthony Morrow (see below).
About Anthony Morrow
Anthony is chief executive and co-founder of OpenMoney. He has considerable experience of the financial services industry, most recently as founding partner of discretionary fund manager Tatton Asset Management. Previously, he was a consultant at both Arthur Anderson and KPMG, specialising in regulatory, performance and strategic issues for the life and pensions sector.