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Last Updated : Mar 11, 2019 07:36 PM IST | Source: Moneycontrol.com

Moneyhub integrates Starling Bank in its payment gateway

The bank’s APIs can now be used to initiate a payment between accounts.

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UK challenger Starling Bank has become “the first challenger bank to support PSD2 PISP [payment initiation service provider] legislation”, according to a statement by financial management platform Moneyhub last weekend.

This integration means the bank’s APIs can now be used to initiate a payment between accounts. This is after the implementation of open banking in January last year, a historic move in itself. There is a new requirement by UK policy makers that will ensure that all banks support PSD2 legislation by September 2019.

The objective for Starling Bank was to be able to create a better and faster banking experience for their customers, irrespective of whether the transaction take s place on their own app or external money management tools like Moneyhub, that is a license holder for both account information services provider (AISP) and PISP.

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For Moneyhub, this seems to be a part of the plan to push its “Smart Nudges” into the spotlight. With this integration arrangement, the nudges in the Moneyhub app can be used by Starling’s 500,000 users as well. So, when these users get into Moneyhub’s gateway, they can initiate the payment to their ISA, savings account, or pension, and immediately the Smart Nudges are made actionable for them. It is an expansive product- featuring almost 600 data links, “the largest of any aggregation provider in the UK”, and allows users to link up current and savings accounts. Users can, alongside also create links to credit cards, pensions, loans, mortgages, SIPPs, ISAs or investments through this platform.

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First Published on Mar 11, 2019 07:36 pm
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