Using Moneyhub's Open Banking PIS technology, savers will be able to sweep money directly from their current or savings accounts to their newly opened Nationwide accounts.
Prior to this change, members had to wait several days to open their accounts in order to transfer the funds needed for account funding, which caused around 8% of accounts to be closed every month by members who forgot to credit them, according to Nationwide.
The new process, which makes the account funding part of the application process, will initially be available for the Building Society’s fixed rate online bonds, before being rolled out to other products.
In July 2021, Moneyhub partnered with financial planning and banking app Pennyworth to develop a new service for consumers with salaries of between GBP 40k and GBP 150k, which uses a combination of Open Banking, Open Finance and machine learning.
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