Moneyhub integrates Starling Bank to its Payment Gateway

Moneyhub has integrated Starling Bank into its Payment Gateway, the first challenger bank to support PSD2 PISP legislation and joining the growing list of payment providers on the Moneyhub platform.  

Moneyhub’s integration with Starling Bank’s API allows users to initiate a payment straight from one account to the other quickly, easily, and at a fraction of the cost to organisations of traditional payments. The move follows the implementation of Open Banking in January last year, and comes ahead of the new requirement that all banks must support PSD2 legislation by September this year. 

Starling Bank’s half a million-plus users can also now act on the already established Smart Nudges within the Moneyhub app. For example, if a user spends less on entertainment than budgeted, they will receive a ‘Micro Saving’ nudge’ prompting them to save the money left over into their choice of savings accounts or investment accounts they hold. With Moneyhub’s Payment Gateway, they can initiate the payment to their ISA, savings account, Pension or pay off any debts straight away making Smart Nudges actionable with immediate effect.

The technology developed by Moneyhub features almost 600 data links, the largest of any aggregation provider in the UK. Users can link up current and savings accounts alongside any credit cards, pensions, loans, mortgages, SIPPs, ISAs or investments. 

Moneyhub has been instrumental in the Open Banking revolution, helping to define global standards for financial APIs. The Payment Gateway is another step in this revolution helping businesses and individuals transfer and receive money without the traditional associated high costs or frictions. 

Samantha Seaton, CEO of Moneyhub, commented: “Technology is rapidly transforming not only the way that the banking sector is operating but the way that individuals and businesses can interact with each other.  Being able to pay directly from one account to the other can mean faster and easier transactions for both customers and businesses. Whilst, businesses can also benefit from lower costs as well as the ability to see the full, end to end customer journey.  

“The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realised. Starling remains at the forefront of putting users in control of their finances and is exciting for us to be working closely with them to deliver excellence and innovation for their customers. A new era for people’s finances starts here.” 

Ben Chisell, Product Director at Starling Bank commented: “We want to create a great banking experience for Starling customers, whether they are using our own app or using money management tools like Moneyhub. We are really pleased to see that Moneyhub have been able to use our APIs to improve their experience for Starling customers, and at the same time it is a great example as to the types of new experiences that can be created when banks like us embrace an open, API-led approach.”

As a Third-Party Provider (TPP), Moneyhub uses Open Banking to aggregate bank account information and initiate payments. It holds licenses for both an Account Information Services Provider (AISP) and Payment Initiation Services Provider (PISP).