Data and payments platform, Moneyhub has become the first third-party provider (TPP) to connect to Co-op Bank, Smile Bank and Kroo Bank, the company has announced.
The specialist in Open Banking account connectivity enables banks to connect across current accounts, savings, loans, investments, mortgages, property valuations, automotive and pensions, providing a holistic view of an individual’s finances. It also helps provide actionable insights through its smart nudges and machine learning.
The Co-op Bank is the UK’s first ethical bank providing a range of banking products and services to retail customers in addition to business loans, credit cards and deposit products to a growing pool of UK businesses. It has been connected to Smile Bank, a trading division of the Co-op Bank and a digital bank that offers full-service current accounts, savings, ISAs, investments and credit cards.
Completing the connections, Kroo Bank, a digital bank which launched in December 2022, offers customers a current account, an overdraft, deposit protection up to £85,000 and zero fees on spending abroad.
Open Banking growth
In November, new research revealed that one in five Brits were making regular payments via Open Banking. While cards remain the dominant payment method on the high street and online, businesses are now exploring alternative options for their customers, often triggered by high acquiring costs and settlement delays which are impacting cashflow.
Open Banking is not just taking off in the UK, however. For instance, in Arab countries it is expected to grow by 25% annually within five years, enabling banks and startups to step up innovation in payments, neobanks and credit scoring, among others.
Speaking on the latest Open Banking integration, Dan Scholey, CCO at Moneyhub said: “Our users have been increasingly asking for connections to Co-op, Smile and Kroo, so we’re delighted to announce that we have become the first TPP in the UK to connect with them via Open Banking.
“We want to ensure that we continue to offer our users the most comprehensive set of connections in the UK to ensure they can see a true, holistic view of their finances on the app or through one of our partners’ platforms. Only with a holistic view can we truly make informed decisions on our finances, receive personalised advice and guidance, and ensure we are all prepared for later life.”
