No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Customers across the country will be able to instantly fund newly opened savings accounts as part of the application process following the integration of open banking payment technology developed by data and payments fintech Moneyhub. became.
Nationwide uses Moneyhub’s Open Banking PIS technology
According to Nationwide, about 8% of all savings accounts close every month because customers forgot to deposit money to meet funding requirements as a result of having to wait days for the accounts to be fully opened. It has been.
Moneyhub’s Open Banking Initiation Payments Service (PIS) technology allows savers to connect directly to their checking or savings accounts elsewhere to disburse money instantly.
Dan Scholey, Chief Commercial Officer (CCO) of Moneyhub, says open banking offers customers and financial service providers “frictionless payments, easy connectivity and endless possibilities.”
Nationwide has a long history with Moneyhub investing in fintech to become a minority shareholder in 2018.
The PIS technology is initially being rolled out to Nationwide’s Fixed Rate Online Bonds account before expanding the service to other accounts in the near future.
Nationwide Chief Digital Product Owner Daniel King said:
Earlier this month, the Bristol-based data and payments fintech appointed a new product director, David Firth.
