Open banking infrastructure provider, has united with the personal finance management tool, Money Dashboard for the integration of Token Pay to its app. 

The collaboration seeks to enable thousands of UK consumers to initiate instant, low-cost account-to-account (A2A) transfers from within the app. 

It also enables Money Dashboard to broaden its scope beyond account information services, and apply its machine learning (ML) technology to create new, blended payment initiation and data experiences for users.

Steve Tigar, CEO, Money Dashboard commented: “Adding payments to our app is a natural next step for us. 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.”

With 600,000 registered users, Money Dashboard aims to simplify the process for users 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.

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. Token provides the ability to initiate low-cost payments from thousands of banks across Europe and we look forward to helping Money Dashboard leverage this connectivity and deliver new features to its users.”

It comes after earlier this month, Money Dashboard unveiled its new app, built from the ground up using open banking APIs, with a host of new features and services designed to further simplify personal financial management. 

Expert Analysis: Financial control is crucial for users, especially at the current time. The integration of Token onto its app, further strengthens Money Dashboard’s capabilities within this sector, giving its users an extra layer of control and efficiency.