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Peer2Peer Finance News | July 16, 2018

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Plum uses Open Banking to integrate challenger bank accounts

Plum uses Open Banking to integrate challenger bank accounts
Marc Shoffman

MONEY management chatbot Plum has partnered with application programming interface (API) provider TrueLayer to use Open Banking to help people integrate their Monzo and Starling Bank accounts.

Plum connects to UK current accounts and monitors spending patterns, setting aside an amount of money that can be safely saved every few days.

Using TrueLayer, users avoid sharing their login details by logging in with either Monzo or Starling and then authorising the provider to access their data.

This allows Plum to request access to account data held by Monzo or Starling, simply, safely and securely via an API, without ever learning the user’s login information. Account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information. Access is read-only so cannot be used to make changes and the data passed is end-to-end encrypted.

Plum has a partnership with RateSetter but did not comment on whether it would offer the same service through the P2P lender.

“Adding Monzo and Starling to our ever-growing list of supported banks is a key step in achieving our mission to make everyone better off,” Victor Trokoudes, chief executive of Plum, said.

“We have seen demand for challenger banks increasing significantly since we launched and are thrilled to see that these banks are gaining momentum. Our partnership with Truelayer has allowed us to move quickly and the user experience to be seamless and secure. This is a perfect example of how Open Banking is benefiting the financial sector and its users.”

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Read more: Four UK banks ready for Open Banking deadline