Moneyhub’s Open Finance APIs connect Lumio users to financial institutions globally, from bank accounts, mortgages, savings, and loans, to investments, pensions, and credit cards. This will give Lumio users an overview of their banking data. Moneyhub’s spending analysis and data categorisation engine unlocks insights into a user’s financial habits, behaviours, and aspirations, which enables Lumio to make suggestions on savings and investments based on the individual's needs.
By using Moneyhub’s suite of data APIs Open Banking and PSD2 compliance are assured. This enables Lumio to access bank data and facilitate account-to-account payments in a compliant way, without the hurdles of getting its own AISP and PISP licences.
The Lumio app finds ways for users to grow their money. Users can connect accounts and start tracking, planning, and growing their financial life, without changing their lifestyle, according to the official press release.
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