Moneyhub, the market-leading Open Finance data, intelligence and payments platform, has launched an innovative new feature that makes it easier than ever for consumers to set personal financial goals and optimise their money.
Wealth managers, pension providers and other financial services clients of Moneyhub can use these new 'Challenges' and 'Sweeping' tools to enable their customers to move, or 'sweep,' money effortlessly between their accounts. This in turn provides the opportunity for those customers to set themselves financial challenges, such as a savings goal or debt repayment objective, and move money into the relevant account if they reach the target.
For example, a consumer could sweep some or all of any cash left over from their last salary payment into a savings account on payday. Or if they set a challenge to reduce monthly expenditure on eating out and then beat it, they can sweep the saving into an ISA.
Moneyhub's new feature encourages financial wellbeing, a core tenet of its mission, by providing the foundation for new propositions that foster savings habits and financial planning. Companies that use the feature can also encourage a range of positive practices, such as motivating customers to transfer more money into their pension funds or to pay off debts.
The new sweeping feature is a response to persistently strong client demand and increased public awareness of Open Finance, with a survey from The Investing and Saving Alliance (TISA) recently reporting that 91% of participants were interested in using an Open Banking app.
It also helps provide a solution to an age-old problem. Before sweeping it was near impossible to automate small irregular transfers: processes for facilitating such payments were often cumbersome and prohibitively expensive.
Today Moneyhub clients can offer their customers the ability to see their complete financial picture and move their money freely to suit their immediate needs and to prepare for the future. By setting personalised challenges, some consumers will have an extra incentive to alter their financial behaviour and create the space to save.
Moneyhub allows sweeping into any account that has an account number and sort code or an IBAN number
Dan Scholey, COO of Moneyhub said: “Moneyhub’s overarching ambition is to improve the financial wellness of individuals, businesses and communities, allowing people to reduce debt, avoid unnecessary fees and make their money work harder. “We also want to empower our clients to make their own unique contribution to financial wellbeing and believe our new 'Challenges' and 'Sweeping' services can be helpful to that end.”
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About Moneyhub
Moneyhub is the leading Open Banking and Open Finance platform that uses the power of data, intelligence and payments to enhance the lifetime financial wellness of people, their communities and their businesses. Moneyhub’s APIs and white label solutions help businesses - both within and outside of financial services - drive customer engagement through hyper-personalised experiences.
The company takes consumer data security seriously and has been instrumental in the roll-out of Open Banking from its beginning. Leading the way in Open Finance since 2014, Moneyhub is authorised as AISP and PISP by the FCA, ISO-27001 certified, co-founder of FDTA and works on the Pension (OSIP) Dashboard and TISA Open Savings, Investment and Pension steering committees to put the power of data into the hands of those who own it: the consumer.
For more details, please visit https://www.moneyhubenterprise.com/