Digital financial advice service OpenMoney has partnered with open banking platform Moneyhub to offer its clients access to a wider range of providers via its app.
Using the OpenMoney app the robo-adviser’s clients can view their balances, debts and outgoings across all their accounts, including bank accounts, credit cards, mortgages, investments and pensions.
Through the partnership with Moneyhub they will now have access to a wider range of providers, including digital challenger banks Monzo and Starling.
Anthony Morrow, CEO and co-founder of OpenMoney, said: “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.”
Samantha Seaton, CEO of Moneyhub, added: “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.”
On March 14, 2020, new legislation came in to force around open banking, in particular asking banks to share financial information with registered third party providers, such as Moneyhub.
Open finance extends the principles of open banking and allows financial institutions to share data about their client, in turn allowing clients to see their financial products in one place. For instance, they might see their pension savings through their personal banking app.
Ruth Whitehead, adviser at Ruth Whitehead Associates, said she thinks open banking is “generally a good idea, so long as it’s extremely secure”, adding that she has not used open banking herself due to personal concerns over security.