Moneyhub has announced it has become the first third-party provider (TPP) to connect to Co-op Bank, Smile Bank and Kroo Bank.
Following requests from its users, the global Open Banking provider has added connections to the three banking organisations, which makes it the first TPP in the UK to do so.
The announcement shows the firm’s dedication to further develop Open Banking, following a big year for the industry in 2023, which saw JP Morgan and Mastercard launch an Open Banking-based solution as well as a review by Joe Garner, former Chief Executive of Nationwide Bank that highlighted significant gaps in Britain’s regulation of the industry.
Dan Scholey, CCO at Moneyhub, commented: “Our users have been increasingly asking for connections to Co-op, Smile and Kroo, so we’re delighted to announce that we have become the first TPP in the UK to connect with them via Open Banking.”
Providing connections to thousands of institutions allows the company to offer its customers a “holistic view of their finances”, which has been bolstered by now adding Co-op Bank, Kroo Bank, a digital bank launched in December 2022 and Smile Bank, a trading division of the Co-op Bank.
The three new connections will allow Moneyhub’s users to view their finances with the aforementioned banks via its app or one of its partners’ platforms such as Aon, Standard Life, and SEI Investments.
Scholey added: “We want to ensure that we continue to offer our users the most comprehensive set of connections in the UK to ensure they can see a true, holistic view of their finances on the app or through one of our partners’ platforms.
“Only with a holistic view can we truly make informed decisions on our finances, receive personalised advice and guidance, and ensure we are all prepared for later life.”