Nationwide customers can now fund newly opened savings accounts instantly as part of their application process following the integration of open banking payments technology developed by data and payments fintech Moneyhub.
Nationwide is utilising Moneyhub’s open banking PIS tech
Nationwide says approximately 8% of all savings accounts are closed each month due to customers forgetting to put money into them to meet funding requirements as a result of having to wait several days until the account is fully opened.
Moneyhub’s open banking payment initiation service (PIS) technology allows savers to connect directly to their current account or savings account held elsewhere in order to sweep the money in right away.
Moneyhub chief commercial officer (CCO) Dan Scholey says open banking enables “frictionless payments, easy connections and endless possibilities” for customers and financial services providers.
Nationwide has a long history with Moneyhub having invested in the fintech to become a minority stakeholder in 2018.
The PIS technology is initially being rolled out to Nationwide’s Fixed Rate Online Bonds accounts before expanding the service to other accounts in the near future.
Nationwide chief digital product owner Daniel King says: “By partnering with Moneyhub and using open banking technology we are able to streamline the process and in doing so allow our members to start earning a higher rate of interest on their money right from day one.”
Earlier this month, the Bristol-based data and payments fintech appointed a new product director, David Firth.
