In the dynamic world of financial data, partnering with an Open Banking provider that aligns with your business needs and values is crucial. If your current provider has left you feeling unsupported or lacking the quality of data and categorisation you expected, it might be time to consider switching.
Many businesses have already turned to Moneyhub for enhanced data quality and unparalleled service. Here’s why making the switch is more accessible and beneficial than you might think.
Why choose Moneyhub?
Unmatched data quality - Accuracy in data categorisation and enrichment is vital for informed business decisions and consumer-focused outcomes. With over eight years of continuous learning based on real users, Moneyhub’s machine learning and AI algorithms can automatically and intelligently categorise transactions with over 98% accuracy. Our focus on delivering high-quality data means you can trust your financial insights.
Widest financial account coverage - Our APIs have a single integration point connecting to the UK's broadest financial institutions. From banks and major pensions to investments, loans, and even property valuations, Moneyhub allows you to craft services that meet and exceed customer expectations.
Exceptional support every step of the way - Transitioning service providers can seem daunting due to potential downtime or integration challenges. At Moneyhub, our dedicated onboarding project manager and customer success lead will ensure a seamless switch, offering impeccable service and ongoing support throughout. You're not just a customer - you’re our partner in innovation.
Worried about the risks of switching?
Switching service providers might seem intimidating, but understanding and addressing common concerns can make the process smoother and more reassuring. Here's how Moneyhub tackles these challenges.
Cost of switching - While cost concerns many, Moneyhub offers competitive pricing without compromising quality. Our cost-effective fees ensure you receive the very best service and support, and we offer a selection of different support packages to choose from.
Timeline and downtime risks - Our streamlined switching process is designed to negate downtime and ensure continuity in your services. Typically, the transition involves operating two AISPs (Account Information Service Providers) simultaneously for about 90 days - depending on your regulatory status with the FCA (Financial Conduct Authority). This overlap secures uninterrupted service, allowing a smooth changeover to Moneyhub’s platform.
Regulatory assurance - If you require authorisation from the FCA as an AISP, Moneyhub offers a straightforward pathway. Become an AIS Agent of Moneyhub to fast-track your market entry and maintain compliance without undergoing the lengthy authorisation process.
Real-world success stories - Businesses like Paylow and Lyfeguard have successfully switched to Moneyhub, enjoying improved data quality and categorisation. Here’s what they had to say about their recent experience…
"We were pleasantly surprised by how simple it was to switch to Moneyhub. Beyond the clear technological improvement, the support we received - during and after the transition - was fantastic.” - Hanan Amar, Co-Founder & CTO, Paylow"We're thrilled with the results after switching Open Banking providers to Moneyhub. Their breadth of connections significantly enhances our capabilities, and the support has been exceptional." - Fraser Stewart, Co-founder of Lyfeguard
Partnering with Moneyhub - Our partnership approach means you’re more than just a customer. We innovate together, enhancing your offerings and supporting your growth. With Moneyhub, you gain a partner dedicated to your success, backed by a framework that ensures ongoing support and service excellence.
Our 3-step switch process
Switching Open Banking providers doesn’t have to be complicated. We prioritise a smooth transition by providing dedicated support and expertise. Here’s how we’ll work together to make the process straightforward and efficient:
1 - Prepare and understand your needs
Book a call with our expert team to discuss your needs and identify the right package for your business.
Review Moneyhub's API documentation, which we’ll share with you during your onboarding, to map your current data fields and identify any additional fields you might need.
Decide on your regulatory approach, creating a new Software Statement with the Open Banking Directory or registering as an AIS Agent of Moneyhub.
2 - Begin the set-up for compliance and integration
If you're using Moneyhub as a TSP (Technical Service Provider), create your Software Statement and provide Moneyhub with the necessary organisation details.
If you are acting as an AIS Agent, complete Moneyhub’s Partner Compliance Form. We will support and ensure your consent processes meet the FCA standards.
3 - Test and transition smoothly
We’ll work with you to coordinate a joint go-live plan, ensuring data migration, if required, is planned and executed seamlessly.
We’ll help you conduct thorough testing, including practice migrations, to ensure everything runs smoothly.
Ready to talk about switching?
Choosing the right Open Banking provider is crucial for your business's continuity and growth. As the landscape evolves, ensure you have a partner who can efficiently adapt and support your needs. Contact our sales and onboarding team to learn more about switching to Moneyhub.