Moneyhub Joins Crown Commercial Service's Open Banking Framework

Published 2 months ago

In a move that promises to revolutionize public sector payment services, Moneyhub has been announced as a supplier on the Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework. The decision will see Moneyhub providing its account-to-account payment services to UK public sector entities.

The Crown Commercial Service and DPS Framework

CCS is known for its work in aiding the public sector in obtaining maximum commercial value when procuring common goods and services. The Open Banking DPS framework, launched in January 2024, was designed to reduce costs, mitigate fraud, and expedite payouts through faster payment rails.

The framework is accessible to all approved suppliers of open banking services and all UK public sector entities. These include central government, local authorities, NHS, schools, charities, and public administrations. The DPS could potentially help achieve savings of 70-80% by eliminating fees associated with traditional debit card payments.

Moneyhub’s Role and Open Banking Adoption

Vaughan Jenkins, managing director of partnerships at Moneyhub, highlighted the significant opportunity the public sector has to benefit from and lead the mass adoption of Open Banking solutions. He added that the continued adoption of Open Banking technology would yield better outcomes for taxpayers and the country.

Previous Open Banking Suppliers

Prior to Moneyhub’s addition, NatWest became the first UK Bank to join the DPS supplier framework. NatWest offers public sector organizations the opportunity to use Payit, which includes Confirmation of Payee (CoP) API services to prevent fraud.

The UK tax office has been a standard bearer for open banking technology in the Government sector, allowing users to pay their bills through account-to-account payment services provided by Ecospend. Reportedly, over one million customers have used its Pay by Bank technology to make more than £3.3 billion in tax payments to HMRC since the start of 2024.