Moneyhub, Wyzr Partner on Automated Financial Planning

Moneyhub, Wyzr, financial planning, automation

Open data and payments platform Moneyhub and financial technology platform Wyzr are teaming up to enable automated financial planning in the U.K., according to a Moneyhub blog post Tuesday (April 19).

Moneyhub’s open banking technology and Wyzr’s artificial intelligence (AI) algorithms will power the Wyzr platform, which helps consumers analyze past and current spending to save for the future, when the pilot program kicks off later this month.

Wyzr users will rely on data from Moneyhub application programming interfaces (APIs) that has been sorted through its categorization engine to label transactions and give themselves a complete vision of their finances.

With that data, the platform also enables automated savings goals, so users can put aside what they can afford each month. Wyzr can also create a monthly budget for its users as a part of their financial plan by analyzing their past spending.

“Having the full picture of your finances is the first step on the road to financial well-being and a more prosperous future,” Moneyhub CEO Sam Seaton said in the blog post. “As such, it’s been a delight to partner with Wyzr to bring the power of open banking to the world of financial planning, enabling financial knowledge to become the basis of a powerful solution to increase savings.”

Additionally, the platform enables users to track their carbon footprint from their everyday spending and helps them to offset and reduce it.

“Many people fall at the first hurdle with financial planning because it is labor-intensive and time-consuming,” Wyzr’s Ajit Barik said. “Categorizing your finances and automating your spending and saving is the smart and easy way to plan for your future.

“It was Moneyhub’s breadth of open banking connections and its data categorization engine that made Moneyhub our technology partner of choice. In addition, Moneyhub’s sandbox, which provides a supportive environment for fintechs to experiment and innovate, proved a crucial testing ground and invaluable resource for Wyzr.”

Related: Moneyhub, BR-DGE Collaborate on Open Banking

In December, Moneyhub also teamed up with payment orchestration service BR-DGE, with BR-DGE integrating Moneyhub’s open banking tech into its platform.