Moneyfarm uses open banking for 20 percent of transfers

Thursday 17 September 2020 13:06 CET | News

Digital wealth manager Moneyfarm has stated that 1 in 5 of its customers’ financial transfers are being used via open banking provider Yapily, following a partnership between the companies.

According to data provided by the European digital wealth manager, in the first week of the tie-up, 13% of Moneyfarm’s transfers in the UK were carried out through Yapily, with an average transfer value of GBP 2,500. After three weeks, one in five of transfers was being processed through the open banking platform, with the average transfer value of just under GBP 3,000, according to AltFi.

The deal between Moneyfarm and Yapily, which sees Yapily providing Moneyfarm’s open banking integration with UK- and Italy-based banks, was announced in June 2020. The deal means that customers of Moneyfarm are now able to top-up or make withdrawals from their investment portfolios directly to and from their bank accounts, without the need for card payments.

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Keywords: Moneyfarm, Open Banking, financial transfers, Yapily, Europe, UK, Italy, digital wealth manager, open banking platform, open banking integration, banks, withdrawals, investment portfolios, bank accounts, card payments
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech