OpenMoney has announced it is partnering with financial management platform, Moneyhub, to extend its open banking integrations.

The digital financial advice service indicated the move follows the open banking changes that took effect from 14 March.
 
The OpenMoney app combines financial information from different service providers so customers can see exactly how much money they have, how much they owe, how much they are spending and what they are buying across all their accounts. OpenMoney suggested it helps customers to see all their financial products in one place, including bank accounts, credit cards, mortgages, investments and pensions.
 
The new partnership with Moneyhub will now allow OpenMoney customers to link with a wider range of providers including challenger banks, Monzo and Starling.

Furthermore, the digital financial advice service indicated that transactions from most banks would further enhance its performance, to give up-to-date balance and transaction information each time users access their account, while spending will be automatically and intelligently categorised.

OpenMoney CEO and co-founder, Anthony Morrow, commented: “We wanted to ensure that our customers could continue to make the most of the new open banking rules, by having as full a picture of their financial circumstances as possible via the OpenMoney app.

“By partnering with Moneyhub, it enables our customers to benefit from a wider range of provider integrations, whilst enjoying the development of new and exciting features created by both companies.”

Moneyhub CEO, Samantha Seaton, added: “The advice and engagement gap remains a significant challenge. In combining Moneyhub's open finance platform and OpenMoney’s technology, we can provide an innovative solution that is both intuitive, impactful, and cost effective for all.
 
“Open banking changed the rules of the game, but open finance which in addition to current accounts also covers pensions, mortgages, investments and loans, will truly transform how everyone thinks about money.

“I'm inspired by what the OpenMoney team has achieved, so the opportunity to collaborate with them and develop our shared goal of promoting greater financial awareness and insight is exciting. OpenMoney firmly believe in making financial advice accessible to all – and I couldn't agree more. What an absolute treat to partner with such a like-minded team.”

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