Turnkey open banking platform provider, Token.io Limited, announced on Wednesday it has joined forces with UK fintech Money Dashboard for a new integration of Token Pay on the Money Dashboard App. According to the duo, this integration enables thousands of UK consumers to initiate instant, low-cost account-to-account (A2A) transfers within the mobile app.
“With 600,000 registered users, Money Dashboard makes it simple for people to track spending and set budgets to achieve their financial goals. It enables users to view separate accounts and balances in one place, and uses ML techniques to categorise and analyse spending patterns, and provide tailored product and service suggestions according to the user’s preferences.”
Money Dashboard released a new app last month, which was reportedly built from the ground up using open banking APIs, with a host of new features and services designed to further simplify personal financial management, which includes an A2A transfer facility powered by Token Pay that helps users avoid late charges and overdraft fees by quickly and easily sweeping funds between their accounts. Speaking about the integration, Steve Tigar, CEO, Money Dashboard, stated:
“By integrating Token into the Money Dashboard experience our users can now act on the analysis we provide from within the app, making the job of managing money simpler and more convenient than ever before. Token’s early success in payments together with its breadth of bank connectivity marks it out as the clear leader in the open banking payments space. It was an easy decision to partner with them.”
Todd Clyde, CEO, Token, added:
“Payment initiation is emerging as the killer use case in open banking. The ability to move money instantly from within the Money Dashboard app will help consumers make better financial decisions based on a more accessible view of available funds.”