New open banking specialist Moneyhub has secured Payment Initiation Services Provider (PISP) authorisation by the Financial Conduct Authority (FCA). The authorisation goes one step further from Account Information Services Provider (AISP) status, enabling seamless payments as well as visibility of all financial transactions across accounts in one place.

Alongside giving control of payments, income, expenditure, investments, pensions and savings, Moneyhub has also launched its API gateway. The gateway will offer the largest ‘one stop shop’ of personalised, permission-based, financial data sources, and will give businesses’ own development teams access to the most comprehensive source of data streams, helping them to build innovative customer-centric solutions.

Companies can benefit from the optimisation of these data sources, as the price, data richness and frequency of data update will be factored into an automated selection process to best suit the business model and customer requirements.

The Moneyhub API gateway has a unique pricing structure in that it offers the more traditional “per account” model but can also provide a “per user” model.  The “per user” model aligns with most consumer propositions and for developers, it simplifies the integration of individuals with multiple accounts.

Samantha Seaton, CEO of Moneyhub, said “The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realised. We are delighted that as one of the first regulated providers of Open Banking technologies, we have been at the forefront of developing payment capabilities and have now secured FCA approval as a Payment Initiation Services Provider. This means we can empower our clients to advance their customer-centric propositions. Frictionless Finance has arrived.”

“The end of tedious financial administration on the journey to ever-increasing financial wellbeing starts here. We’re delighted to also launch our API gateway, which has the most comprehensive data sources. It will power a new wave of innovation that will revolutionise people’s relationship with money and the way they buy products and services.”