EU Business News February 2018

18 EU BUSINESS NEWS / Q1 2018 Moneyhub’s Chief Technology Officer Leads Company’s European Expansion Thanks to the firm’s recent success, Dave Tonge, Chief Technology Officer at Moneyhub, to be based inmainland Europe to lead PSD2 growth strategy. Financial management technology company Moneyhub is set to capitalise on growth in the European market as PSD2 is rolled out across the continent. The rollout comes following the introduction of Open Banking in the UK last month, with two of the most stringent security measures for payment transactions and the abolition of ‘screen-scraping’ now set across the EU for 2019. Moneyhub is an award winning, people first financial management platform designed to empower individuals, advisers and business to have complete control and clarity over their finances. It consolidates data from every source into one place so people can easily see and engage with all of their finances – from current accounts to credit cards, loans to investments and pensions. Built using holistic AI, Moneyhub delivers insights that support people to understand and engage with money, including saving and planning for the future. This with automated administration of multiple accounts has lasting, direct impact on financial wellbeing. For businesses, Moneyhub gives unprecedented understanding of customer needs, behaviours and aspirations that supports development of targeted and innovative products to suit their individual requirements. This adds value, increases loyalty and can directly benefit the sales cycle. The system is available off shelf as a standalone or can be embedded into existing digital propositions via API. With the launch of Open Banking in the UK, Chief Technology Officer Dave Tonge is broadening his focus. In addition to strengthening Moneyhub’s proposition in the UK, he will also be working with European Regulators and Standards Bodies to deliver innovative payment solutions for European markets. He will basing himself in mainland Europe to further enhance Moneyhub’s presence and foster sustainable growth for the business in this target market. Moneyhub sits at the forefront of the Open Banking revolution which will transform the financial services industry for both institutions and their customers. 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. Samantha Seaton, CEO of Moneyhub, commented on the expansion plans and how they will affect the future of the company. “Our ambition is to help consumers and businesses in the UK and across Europe reach greater financial wellbeing by providing cutting edge technology to the financial services industry. We are enabling unprecedented understanding of customer and employee behaviour, aspiration, need, and opportunity. “Dave’s insight and experience is central to Moneyhub not only maintaining its status in the UK , as forerunner in the industry, but establishing ourselves as a pan-European Fintech provider. His European presence will give us a great platform to grow and develop our offering to a wider audience.” Adding his insight into the news, Dave Tonge, CTO at Moneyhub, commented: “Open Banking is one of the biggest shake ups that the financial world has seen in recent years, revolutionising the way businesses operate. 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.