Moneyhub, Expense Once Team on Credit Card Payment Reconciliation

Open finance data, intelligence and payments platform Moneyhub has joined forces with expense management software company Expense Once to leverage the efficiencies of open banking for credit card payment reconciliation, according to a Tuesday (Nov. 23) press release.

The joint effort combines Moneyhub’s Open Banking API with Expense Once’s real-time visibility on purchases made on personal and business credit cards. The expense reporting system notes expenses for each card holder and accordingly sorts and assigns receipts automatically without the hassle of waiting for banks to process transactions.

The partnership is aimed at eliminating manual claim processing, which is expected to save time and bolster payment reconciliation.

“There is almost no financial activity that can’t be improved by open banking and open finance, and expense management is no exception,” said Moneyhub CEO Sam Seaton. “That’s why we at Moneyhub have long championed a financial system in which individuals and businesses can have full control of their data and complete visibility of their finance, and that’s also why it’s a pleasure to partner with Expense Once.”

Since its founding in 2014, Moneyhub has co-authored the financial grade API deemed as the standard for open banking in the U.K., Europe, Japan, Australia, Canada and Brazil, according to the company’s website.

The push for open banking continues in the U.K., where trade association UK Finance said this week that the U.K. should devise new open banking standards, according to PYMNTS. Driven in large part by the pandemic, the U.K. is seeing astronomical growth in open banking payments, with more than 2.5 million open banking payments each month as compared to 320,000 in all of 2018, according to PYMNTS.

Read more: UK Finance Calls for New Open Banking Standards

Yet, despite the forward momentum for open banking and sharing of consumer information, less than 10% of consumers polled in a survey of 2,368 participants said they felt comfortable connecting their bank accounts with third-party apps, according to PYMNTS. In addition, nearly 60% of consumers who have at least one third-party app connected to a bank account felt “uncomfortable,” according to the report.

See also: Only 9% of Consumers Are Comfortable Connecting Bank Accounts to Third-Party Apps