Open Banking And Moneyhub Join Hands To Foster Open Banking Opportunities
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Moneyhub was selected as a vendor on Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework thanks to its A2A payment offerings.
Crown Commercial Service backs the public sector to reach the utmost commercial value when obtaining regular goods and services.
The DPS framework was launched earlier this year, aiming to reduce cost, minimize fraud, and cut down delays in payouts by using faster payment channels. This framework is accessible to all the authorized suppliers of open banking services.
Open Banking Solutions Offers Several Benefits
The DPS will be available for all public sector organizations including public administrations, charities, schools, NHS, local authorities, and the central government.
By canceling charges generated by standard debit card transactions, it is understood that the DPS could ensure savings of 70-80%.
The managing director of collaborations at Moneyhub, Vaughan Jenkins, stated that the public administration has a huge opportunity to gain from and take the lead as thousands of people embrace Open Banking solutions. As people and businesses continue to adopt Open Banking technology, it will lead to improved results for taxpayers and the nation at large.
Moneyhub follows NatWest’s footsteps which became the inaugural bank to join the DPS. It offers public sector entities the chance to employ Payit by NatWest, which also comprises Confirmation of Payee (CoP) API services to combat fraud.
The United Kingdom tax authority has set a high standard for open banking technology within the regulatory sector. This initiative aims to allow individuals to settle their bills using A2A payment services offered by Ecospend.
Moneyhun Will Advance Banking Accessibility through Open Banking Solutions
Over one million users made payments via its Pay provided by Bank technology to make more than £3.3 billion in tax fees to HMRC since the beginning of 2024. This increase was attributed to the Self-Assessment tax deadline on January 31st.
Moneyhub is a prominent payments and data platform based on Open Finance and Open Banking principles. Its initiative aims to help boost efficiency in various business sectors and it offers users efficient alternatives to cash and card payments.
Through teaming up with clients like Legal & General, and Lloyds Banking Group, amongst hundreds of others, Moneyhub has demonstrated the benefits of account-to-account and Open Banking payment solutions.
The ability for regulatory bodies to purchase Moneyhub services via the DPS will facilitate efficiency. It also provides an enabling a broader range of public sector services to enjoy the advantages provided by Open Banking.
