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MoneyTO remittances can now be paid from bank accounts

MoneyTO remittances can now be paid from bank accounts | Fintech Finance

The customers of the London based remittance operator MoneyTO can now pay for the money transfers directly from their bank accounts without using bank cards. This service has been made possible by Open Banking, which significantly improves the convenience, safety and speed of the service. MoneyTO has implemented a new payment method with the support of TrueLayer, a leading provider of financial APIs.

Open Banking service is available at www.moneyto.co.uk and in the MoneyTO mobile app. To pay for the transfer with Open banking, customers need to click on the «Instant Bank Transfer» and then choose their bank. The transfers can be made in GBP.

“Innovative technologies allow us to offer simpler solutions to our customers and make our service as convenient as possible. Being one of the trending financial technologies, Open Banking today shows rapid growth in audience reach. We are happy to provide our customers with the service they need,” said Galina Selicka, CEO of MoneyTO

According to the Open Banking Implementation Entity (OBIE), about 160,000 new users per month are trying Open Banking in the UK. The number of Open Banking payments increased from 320, 000 in 2018 to 3.4 million in 2020.

The growth in these numbers is due to the active development of FinTech, as well as the customers’ increasing expectations for the quality of payment services: the users prefer innovations that make their lives easier and better.

“The global remittance market continues to grow and firms such as MoneyTO are making it easier for people to send money anywhere in the world. With TrueLayer’s open banking platform embedded within its app and website, it can now offer a faster, more secure option for its customers to send money anywhere in the world, compared to card payments,” commented Jamie Morton, UK Country Manager at TrueLayer.

The new MoneyTO service is available to the customers of the following banks in the UK: Tesco Bank, Allied Irish Bank, Bank of Ireland, Bank of Scotland, Barclays, Danske, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, Nationwide, NatWest, Revolut, Royal Bank of Scotland, Santander, Starling, TSB, Ulster Bank Northern Ireland.

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