UK-based Open Banking solutions provider tell.money has been selected by mobile money app Monese as its Open Banking gateway provider.
The strategic partnership will introduce “comprehensive coverage” for EU third-party providers (TPPs), as well as other features, including a dedicated sandbox for testing and implementation, at a time when embedded finance solutions are experiencing growth in the UK and EU markets.
The Monese mobile money app provides accounts, cards, and money transfer services in multiple currencies, and is available in 31 countries across the European Economic Area, while tell.money wants to simplify Open Banking integration for TPPs.
Among the benefits of the new partnership are “seamless migration” for existing TPP partners to the new system, while TPPs are assigned implementation managers to take them through the integration process.
The partnership also extends coverage to provide full EU market access, gives users the ability to view multiple account balances in one interface and provides secure payment initiation.
David Monty, tell.money co-founder, said: “We are delighted to announce this choice by Monese to integrate tell.money as its Open Banking partner. It showcases our desire to enable more TPPs to engage with the fintech sector.
“tell.money is now able to support them more rapidly to register as a TPP and allow our mutual clients to have access to account information and payment initiation.”
Monese founder and chief executive officer Norris Koppel added: “We’re delighted to partner with tell.money for our Open Banking services and give our customers control over their finances.
“This integration ensures we continue providing customers with the ability to link their third-party banking applications and manage their money in one place.”
