Moneyhub Partners with MX, Brings Open Data to Wealth Management Solutions Provider Voyant - Finovate

Moneyhub Partners with MX, Brings Open Data to Wealth Management Solutions Provider Voyant – Finovate

Time Stamp: July 10, 2023 2:59 PM
Source Node: 2757988
  • Open data company Moneyhub announced a pair of partnerships at the beginning of the month.
  • The Bristol-based firm forged a referral partnership with fellow Finovate alum MX.
  • Moneyhub is also working with wealth management solutions provider Voyant, leveraging open data to accelerate the fact-finding process for financial advisors.

U.K.-based open data company Moneyhub announced a number of partnerships in recent days and weeks. At the beginning of the month, the fintech forged a strategic partnership with Utah-based open finance innovator MX. Via the partnership, Moneyhub will be able to refer customers to MX for support in North America, while MX will be able to refer customers who are looking for open finance solutions in European markets to Moneyhub.

Moneyhub provides consumers with data to enhance their financial health. The firm’s technology also helps businesses gain the kind of insights that enable them to deliver personalized solutions to their customers. In addition to Moneyhub’s Personal Finance Management platform and Open Banking APIs, the company offers decisioning tools that provide data-powered affordability checks that provide a real-time view of applicant financial information.

MX’s connectivity solutions and open finance APIs enable both consumers and businesses to leverage financial data to improve outcomes. MX provides reliable connections and data verification to help firms make insightful, actionable decisions, provide superior money experiences for customers, and grow their businesses.

“MX and Moneyhub share the belief that consumer-permissioned data sharing is critical to the future of our industry and we have an inherent responsibility to improve the money experience for consumers,” Raymond den Hond, Chief Commercial Officer, Partners at MX, said in a statement. “It will allow our clients to use consent-driven data to improve their customers’ financial lives, on a global scale,” Moneyhub CEO Samantha Seaton said.

A seven-time Best of Show winner, MX most recently demoed its technology on the Finovate stage in 2021 for FinovateFall. The fintech has more than 13,000 connections with financial institutions and fintechs, giving the firm a combined reach of more than 200 million consumers. Founded in 2010 by Ryan Caldwell and Brandon Dewitt, MX is headquartered in Lehi, Utah. Jim Magats is CEO.

In addition to its strategic partnership with MX, Moneyhub also announced last week that it has teamed up with financial planning and wealth management solutions provider Voyant. The Austin, Texas-based company will put Moneyhub’s Open Banking and Open Finance APIs to work giving advisors instant access to their clients’ financial information, including assets and analysis of income and expenditures in real-time. The data-sharing technology is secure, GDPR-compliant, and accelerates the fact-finding process for financial advisors.

Voyant’s technology analyzes real-time client data from a wide variety of sources. These include bank accounts, credit cards, investments and pensions, as well as loans and mortgages. The analysis of this broad range of data ensures more accurate, automatic modeling. It also supports advisors Consumer Duty requirements that mandate that financial products be focused on client goals by providing more personalized, tailored financial solutions.

Voyant was founded in 2008. Today the company serves more than 20,000 financial professionals and more than 40,000 of their clients. The digital wealth solution provider includes Lloyds Bank, CIBC, and BMO Bank of Montreal among its wealth management partners.

“Consent-driven, comprehensive and real-time access to financial data is critical for advisors to support their clients in achieving their long-term aspirations,” Kim Jenkins, Managing Director of Moneyhub, API explained. “Only with this information can they advise on the right products and solutions, at the right time, to deliver on those goals.”

A Finovate alum since 2015, Moneyhub offers solutions for a range of companies in financial services – from banks and building societies to wealth managers, insurers, and lenders. The Bristol-based fintech offers seamless, single source connectivity to thousands of financial institutions in 37 countries to help businesses better understand and serve their customers.

In June, Moneyhub partnered with pension management firm Standard Life to power the company’s MoneyMindset solution. MoneyMindset gives Standard Life’s 1.5 million workplace pension scheme members real-time access to their spending and savings data across financial products. The previous month, Moneyhub announced that it had become the first third-party provider (TPP) to connect to Chase Bank in the U.K.

Photo by Barbara Bober

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