Just days after receiving approval by the Financial Conduct Authority (FCA) approval, London-based Emma Technologies has integrated with challenger bank Monzo.
Earlier this week, Emma, which is currently building the banking app for millennials, was approved and registered with the FCA under the Payment Services Regulations 2017 for the provision of payment services. After successfully launching a closed beta in early December, Emma can now fully operate under the new PSD2 scheme enacted in the UK on the 13th of January.
Following the approval, the company, which was one of the first account information Services registered by the FCA, has now made its first Open Banking integration.
Emma aims to provide a consumer-focused banking experience, with the only aim to improve the financial situation of its users. The company is a mobile only solution that helps consumers avoid overdrafts, find and cancel subscriptions, track debt and save money. It claims that the app may save customers up to £600 a year by solving these four problems.
“This integration projects Emma into Open Banking, which comes with thousands of possibilities for new businesses and companies like Emma,” said Edoardo Moreni, Emma Technologies CEO and co-founder. “We truly believe the integration with Monzo will create synergies and provide customers an enriched overview of their finances across all their accounts.”
Emma believes that money management should be ‘easy and straightforward’. To do this it makes it possible for users to access all the information regarding their personal finance from the push of a button. The company uses several state-of-the-art security measures, including the same end-to-end 256-bit SSL encryption used by all major banks. It also registered with the Information Commissioner’s Office and adhere to the Data Protection Act and European data protection laws.
Tom Blomfield, Monzo CEO and co-founder, added: “Our goal at Monzo is to give our customers more visibility and control over their money. Through our API, integrations like this become possible, meaning our customers can choose to access useful new services to help them manage their money.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
