Moneyhub to be Open Banking technical service provider to new banking enterprise already on trial in Scotland
OneBanks, the shared branch banking innovator, has today announced a partnership with Moneyhub, the market-leading Open Finance data, intelligence and payments platform, which will support its key ambition to preserve access to everyday banking services for UK communities impacted by bank branch closures.
OneBanks shared branch concept will enable customers who value face-to-face contact when carrying out basic banking transactions to continue to access such services via fully manned kiosks in high footfall locations such as supermarkets, shopping centres and bus or railway stations. A first pilot is underway in Denny, Scotland, with four more locations lined up across the UK for further trials this year.
As OneBanks’ technical services provider, Moneyhub will power the kiosks using Moneyhub’s open banking data API to deliver key functionality such as access to user balances, bill payments, cash deposits and withdrawals, ensuring that these core services are accessible to customers in a friendly, human environment. This is done securely and with customer consent using the latest Open Banking facilities.
Duncan Cockburn, Founder and CEO of OneBanks comments: “With 4000 branches having closed over the past six years, a growing number of communities across the UK are struggling to access basic banking services. With government and consumer groups increasingly focused on the need to maintain access to cash and other everyday banking services, OneBanks shared branch solution couldn’t be more relevant or more timely. Thanks to our partnership with Moneyhub, OneBanks is bringing back the personal touch to banking, significantly limiting the risk of financial exclusion of communities, it also ensures that customers are able to access expert in-person assistance should it be needed. The Open Banking expertise displayed by the Moneyhub team has helped transform our ambition to reality. With one pilot underway, and four more planned, our mission to transform and re-energise community banking is well and truly under way.”
Samantha Seaton, CEO Moneyhub comments: “The social impact of Open Banking is transformational, and OneBanks is the embodiment of this. Faced with a retreat from the UK’s high streets by banks, Open Banking is able to power a cost effective, highly impactful, and socially conscious solution. Not only does OneBanks minimise the risk of financial exclusion, it can provide a much needed spring-board for digital literacy and engagement - providing a route to better long-term financial wellness which is so close to Moneyhub’s heart. Working with the OneBanks team has been hugely rewarding and we are excited not just to work with them going forward, but to see the social benefits of their passion and ambition.”
*https://commonslibrary.parliament.uk/research-briefings/cbp-8740/
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 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/
About OneBanks
OneBanks, the future of high street banking, offers an innovative way to meet to the growing need for banks to continue to offer face to face human access to their services in an affordable way, alongside their online and smartphone based apps. OneBanks has developed a low cost, kiosk format which can provide banking services on behalf of multiple banks and financial services clients. It is supported by Open Banking technology and enables customers to access a range of banking services provided by their own bank in a secure, user-friendly way and complies with all anti-money laundering and KYC regulations. As a shared facility, the cost is split between multiple financial institutions, and is configured in a way that facilitates quick and easy assembly, enabling rapid set up in high footfall locations such as shopping malls, petrol stations, bus or railway termini and convenience stores.
The kiosks are designed to be open up to seven days a week offering dedicated and specialist customer service, effective protections against economic crime and competitive operating costs. The OneBanks format is designed to be available to both personal and small business customers. Using OneBanks kiosk, counter and ATM services would be free to customers, the cost being borne by participating banks.
Learn more about OneBanks @ https://onebanks.co.uk/