Coming during a period of growth for Embedded Finance solutions across the UK and EU, the partnership is set to assist tell.money’s commitment to optimising Open Banking integration for third-party providers (TPPs) while scaling its European footprint. The collaboration is set to launch comprehensive EU coverage for TPPs and improved support capabilities such as a dedicated sandbox environment for testing and implementation.
Recently, tell.money also entered into an alliance with Paynetics, intending to implement the Confirmation of Payee (CoP) service. The move focused on allowing Paynetics to leverage tell.money’s CoP service, facilitating the integration of financial services while maintaining compliance with requirements. The solution aimed to simplify the process for Paynetics’ partners, ensuring they could deliver financial services with increased security and minimal effort.
Optimised migration, with existing TPP partners being able to transition to the new system with comprehensive support across the entire process;
Improved testing features, as accessing tell.money’s sandbox environment delivers in-depth testing before live implementation;
Dedicated support, with clients being assigned implementation managers to guide them through the integration process;
Scaled geographic coverage, with TPPs being able to access the entire EU market to complement existing UK operations;
Augmented account management, allowing users to view multiple account balances in a single interface;
Safe payment initiation.
Furthermore, representatives from tell.money commented on the announcement, mentioning that, by becoming Monese’s Open Banking partner, the company highlights its commitment to allowing more TPPs to engage with the fintech sector. The agreement allows tell.money to assist them in rapidly registering as a TPP and enabling their mutual clients to benefit from access to account information and payment initiation.
At the same time, the partnership falls in line with existing market trends, especially the FCA’s focus on improving Open Banking frameworks and the industry’s move towards scaled Open Finance initiatives. Additionally, the two companies intend to address the increasing demand for Embedded Finance solutions while remaining compliant with PSD2 regulations.
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