Following the implementation of PSD2 last month, fintech company Moneyhub is capitalising on the EU legislation by expanding into Europe. The changes mean that all banks and credit card providers across Europe must ‘open up’ their payment facilities and account information to other financial service providers.
The fintech organisation has been working closely with the Open Banking Implementation Entity to define the standard for UK Banking APIs. In addition, it was one of the few non-banking participants of the Open Banking technical workgroups, set up to deliver a framework for the design and development of the initiative. Moneyhub also played a key role in the European Parliament’s PSD2 workshops to date, which focused on delivering innovative payment solutions for European citizens.
“Open Banking is one of the biggest shake ups that the financial world has seen in recent years, revolutionising the way businesses operate,” Dave Tonge, CTO, Moneyhub, said.
“It’s an opportunity to power growth and the new legislation will take all of the work we have done so far and move it to the next level. We’re excited to now expand this across Europe while continuing to grow in the UK and I look forward to delivering growth for Moneyhub as PSD2 is rolled out across the continent. Our partners are eager to grow in Europe, and we look forward to being alongside them on the journey.”
Open Banking will increase Moneyhub’s efficiency and ability to provide technology to enterprises, as the service will be streamlined due to the enforcement of APIs.
It seems likely that more UK-based fintechs will expand into Europe over the coming year, capitalising on the personal finance revolution.
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