Personal finance management tool Money Dashboard has joined forces with open banking infrastructure provider Token.io to boost payment capabilities.
As agreed, Token Pay was integrated into the new Money Dashboard app to enable open banking payment services for users.
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The integration will allow UK consumers to make account-to-account (A2A) transfers through the app. The A2A transfers will help users to transfer funds between their accounts instantly and avoid late charges and overdraft fees.
Additionally, Money Dashboard will enable instant peer-to-peer (P2P) fund transfers soon.
Money Dashboard CEO Steve Tigar said: “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.
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By GlobalData“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.”
Token CEO Todd Clyde said: “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.”
Money Dashboard has around 600,000 registered users. The app enables users to set financial foals, track spending and view separate accounts in one dashboard.
It also provides customised financial advice to the users after assessing their spending patterns using ML techniques.
