Token PayTM provides low cost, instant money movement in new Money Dashboard app to help users avoid late charges and overdraft fees
Leading open banking infrastructure provider, Token.io, and the award-winning personal finance management tool, Money Dashboard, today announce that Token PayTM has been integrated into the new Money Dashboard app to power a range of smart open banking payment services for users. The integration enables thousands of UK consumers to initiate instant, low cost account-to-account (A2A) transfers from within the app. It also enables Money Dashboard to broaden its scope beyond account information services, and apply its machine learning (ML) technology to create new, blended payment initiation and data experiences for users.
With 600,000 registered users, Money Dashboard makes it simple for people to track spending and set budgets to achieve their financial goals. It enables users to view separate accounts and balances in one place, and uses ML techniques to categorise and analyse spending patterns, and provide tailored product and service suggestions according to the user’s preferences.
Earlier this month, Money Dashboard released a new app, built from the ground up using open banking APIs, with a host of new features and services designed to further simplify personal financial management. Among these is an A2A transfer facility powered by Token PayTM, which helps users avoid late charges and overdraft fees by quickly and easily sweeping funds between their accounts. Money Dashboard will soon enable instant peer-to-peer (P2P) transfers, allowing users to choose an account from their portfolio and move funds directly across to the account of a friend or family member conveniently from within the app.
“Adding payments to our app is a natural next step for us,” comments Steve Tigar, CEO, Money Dashboard. “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. 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.”
Todd Clyde, CEO, Token, adds: “Payment initiation is emerging as the killer use case in open banking. 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.”
Token’s open banking API provides pan-European connectivity to thousands of banks, together with the ability to initiate low cost A2A transfers that clear instantly.
To learn more about Token, visit the website: www.token.io
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