Pannovate adopts tell.money's Open Banking functionalities
In a significant move, the UK-based Banking-as-a-Service platform Pannovate has chosen tell.money as its Open Banking gateway partner. This partnership aims to enhance Open Banking capabilities for Pannovate's clients, providing them with access to "enhanced" Open Banking functionality.
Pannovate's platform supports banks, fintechs, and businesses in launching white-label banking or payment solutions at pace. Features such as account and wallet management, payment processing, and card issuing are all part of the package. By integrating tell.money's Open Banking capabilities, Pannovate will be able to offer a suite of modular solutions to its clients. These capabilities include dedicated interface APIs and Confirmation of Payee (CoP), a service that verifies the payee's name against the account holder's name to prevent payment errors and fraud.
Ian Staniforth, chief operating officer at Pannovate, stated that the selection of tell.money aligns perfectly with Pannovate's vision of enabling clients to deliver intuitive and scalable financial experiences. He expressed confidence that this partnership would simplify integration, reduce complexity, and allow clients to build financial capabilities for their end users.
David Monty, CEO of tell.money, expressed his excitement about the partnership with Pannovate. He highlighted that the partnership would strengthen tell.money's CoP security and expand its Open Banking capabilities.
It's worth noting that tell.money has previously formed a partnership with UK-based card scheme sponsor and payment enablement platform Monavate. This partnership has been instrumental in enhancing tell.money's CoP security and expanding its Open Banking capabilities.
Before partnering with Pannovate, tell.money teamed up with global financial services provider FxPro to implement CoP and enhance security in the fight against authorized push payment fraud. This proactive approach to security is likely to be a significant advantage for Pannovate's clients.
The integration with tell.money is intended to complement Pannovate's existing network of 47 fully-integrated partnerships and 150-plus APIs. This suggests that the partnership is part of a broader strategy to provide comprehensive and innovative financial solutions to Pannovate's clients.
In conclusion, the partnership between Pannovate and tell.money promises to bring significant benefits to both parties and their clients. By integrating tell.money's Open Banking capabilities, Pannovate is positioning itself to offer more robust and secure financial solutions, in line with the growing demand for digital banking services.
