Nationwide adopts sweeping technology from Moneyhub for real-time funding

 

Using Moneyhub's Open Banking PIS technology, savers will be able to sweep money directly from their current or savings accounts to their newly opened Nationwide accounts.

 

Nationwide adopts sweeping technology from Moneyhub for real-time funding

 

 

Prior to this change, members had to wait several days to open their accounts in order to transfer the funds needed for account funding, which caused around 8% of accounts to be closed every month by members who forgot to credit them, according to Nationwide.

The new process, which makes the account funding part of the application process, will initially be available for the Building Society’s fixed rate online bonds, before being rolled out to other products.

In July 2021, Moneyhub partnered with financial planning and banking app Pennyworth to develop a new service for consumers with salaries of between GBP 40k  and GBP 150k, which uses a combination of Open Banking, Open Finance and machine learning.

the paypers logo

The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.

 

The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.

 



No part of this site can be reproduced without explicit permission of The Paypers (v2.7).

Privacy Policy / Cookie Statement

Copyright