Moneyhub, the market-leading Open Data and payments platform, is partnering with financial technology platform Mutual Vision to harness the power of Open Finance, for the benefit of UK building societies and most importantly, the financial wellness of their members.
The partnership will enable Mutual Vision, a digital mutual owned by its customers, to provide them with unrivalled Open Finance functionality and connections. Through API integration, Moneyhub and Mutual Vision have laid the foundations for a new wave of personalised propositions that give members greater autonomy and control over their finances. This will deliver a 21st Century digital transformation for mutuals.
The collaboration empowers building societies to better serve their members and improve their financial lives in several ways:
- Holistic view of all financial data
- Mobile apps provide digital wallets, create budgets and sweep money into savings accounts
- Tools to take control of finances
- Third party app integrations for easy access to relevant and useful services
For building societies, this means improved operational efficiencies by digitising processes and increasing their appeal to new members wanting mobile solutions. This added functionality to the Mutual Vision eco-system of partners means that building societies will have an even greater choice when it comes to delivering an exceptional service to their members.
Moneyhub will provide the data and payment API connections and technology engine for Mutual Vision’s Open Banking services and systems of record.
The two companies not only have complementary areas of expertise but also a set of shared values as community-minded advocates of financial wellbeing.
Sam Seaton, CEO from Moneyhub said: “Open Banking and Open Finance are transforming traditional financial services by giving access to personal data that has, for so long, been hidden behind the walls of the largest institutions. The new services now enable even small Societies to offer market leading products and engage with their members like never before. We are proud to partner with Mutual Vision to support their important work helping mutuals drive better financial wellness through digital transformation.”
Sara Parker, Chief Product Officer at Mutual Vision said: “Building societies were formed to provide personalised services to community members, using insight and empathy. In a digital age, this can be achieved remotely and at scale through Moneyhub’s Open Data Finance platform, making them a perfect partner for Mutual Vision. Having Moneyhub on our platform will help usher in a new generation of customers for building societies and credit unions.”
