Moneyhub moves CTO to Europe to lead PSD2 growth strategy

Moneyhub’s chief technology officer, David Tonge, has moved to mainland Europe to lead the FinTech’s PSD2 growth strategy.

Following the introduction of Open Banking in the UK last month, the financial management technology company’s CTO has moved to capitalise on growth in the European market.
Along with strengthening Moneyhub’s proposition in the UK, David Tonge will also be working with European Regulators and Standards Bodies to deliver ‘innovative payment solutions’ for European markets according to the company. He will be tasked with further enhancing Moneyhub’s presence in the continent and foster sustainable growth for the business in this target market.

Open Banking means that all banks and credit card providers across Europe must ‘open up’ their payment facilities and account information to other financial service providers. The organisation has been working closely with the Open Banking Implementation Entity to define the standard for UK Banking APIs and was one of the few non-banking participants of the Open Banking technical workgroups. Moneyhub also played a key role in the European Parliament’s PSD2 workshops to date, which focused on delivering innovative payment solutions for European citizens.

Tonge said: “Open Banking is one of the biggest shake ups that the financial world has seen in recent years, revolutionising the way businesses operate. It’s an opportunity to power growth and the new legislation will take all of the work we have done so far and move it to the next level. We’re excited to now expand this across Europe while continuing to grow in the UK and I look forward to delivering growth for Moneyhub as PSD2 is rolled out across the continent. Our partners are eager to grow in Europe, and we look forward to being alongside them on the journey.”

Founded in 2011, Moneyhub consolidates data from every source into one place so people can see and engage with all of their finances – from current accounts to credit cards, loans to investments and pensions. Built using holistic AI, the company delivers insights that support people to understand and engage with money, including saving and planning for the future according to its website.

Earlier this week, The Berlin Group has published the latest version of its framework designed to give Third Party Providers (TTPs) API access to bank accounts in compliance with PSD2.

Bud, a technology platform that links financial services together, also recently obtained regulatory authorisation to aggregate accounts, AISP licence, and initiate payments, PISP licence These new licences are issued under new FCA regulations brought about by open banking & Payment Services Directive 2 (PSD2).

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