Following this announcement, the data and payments platform Moneyhub will provide its Open Banking and Payments services to the UK institution. Its expertise and suite of solutions were built on Open Banking and Open Finance principles, aiming to provide businesses and individuals in multiple sectors around the world with the possibility to increase efficiency and offer client-centric, secure, and comprehensive alternatives to card and cash payments.
The Crown Commercial Service (CCS) was established in order to support the public sector and provide it with the capability to achieve maximum commercial value when procuring multiple common goods, products, and solutions. CCS already optimised the manner in which the public sector achieved commercial benefits, raising a sum equal to GBP 2.8 billion, while also focusing on supporting world-class public services that provide improved value and safety for local taxpayers.
Moneyhub represents a global ISO 27001 software developer of Open Banking, Open Data, and Open Finance applications. The company incorporates an FCA-regulated Open Data platform that was developed in order to allow firms and businesses to quickly and securely transform data into personalised digital experiences, as well as to initiate payments or transactions.
Through this agreement, Moneyhub will provide its account-to-account (A2A) payment solutions as well, while also focusing on delivering government organisations the ability to purchase its services via the DPS. This process will optimise the manner in which public sector products increase efficiency and experience while leveraging the benefits that Open Banking delivers.
At the same time, Moneyhub will focus on its strategy of optimising the lifetime financial wellness of individuals and customers, while providing them with the possibility to communicate with their businesses in a more secure and efficient way. Throughout this agreement, both organisations will prioritise meeting the needs and demands of clients in an ever-evolving market, while remaining compliant with the regulations and laws of the local industry. In addition, the public sector is expected to be provided with the possibility to benefit from Open Banking while accelerating the process of its mass adoption and development.
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