Nationwide adopts sweeping technology from Moneyhub for real-time funding

Friday 26 August 2022 14:06 CET | News

Nationwide has partnered with UK-based fintech Moneyhub to enable new and existing members to fund new savings account from day one, using Open Banking technology. 


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.

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Keywords: Open Banking, Open Finance, Moneyhub, personal finance management, fintech
Categories: Banking & Fintech
Companies: Moneyhub
Countries: United Kingdom
This article is part of category

Banking & Fintech


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