Moneyhub has joined UK Payments Initiative as a non-shareholder participant, bringing Open Banking payments to pensions and savings.
The UK-based applied AI and data platform has become the scheme's first participant outside its shareholder base, signalling the beginning of broader industry adoption for a framework designed to automate and standardise Open Banking-powered payments. The development positions A2A transfers as a viable alternative to direct debit, allowing money to move in real time according to rules set by the customer.
UKPI's framework and wave structure
UKPI provides a rulebook, commercial model, and operational standards for flexible, automated A2A payments. The scheme is structured in waves: Wave 1 covers regulated, lower-risk use cases, including sweeping into pensions and investments, mortgage and loan repayments, utilities, insurance, and charitable giving, while Wave 2, which targets merchant-facing payments and would place the scheme in direct competition with card networks, remains in development.
Moneyhub's initial focus falls within Wave 1, aligning with capabilities it has already built into its platform. The company currently powers intelligent top-ups into pensions and investments, as well as automated sweeping for savings, cards, and loans. Joining the UKPI scheme enables Moneyhub to fully automate rule-based, variable transfers between any institutions in real time. In practice, customers can configure money movements according to personal rules, such as sweeping a surplus balance on payday directly into an ISA, with Moneyhub's data intelligence determining timing and amount without manual intervention.
The wider commercial case for financial institutions centres on three outcomes: higher assets under management, lower operational costs, and improved customer satisfaction, all achieved through automating account top-ups.
Industry context and strategic positioning
Moneyhub's participation carries historical weight within Open Banking in the UK. Dan Scholey, Chief Product Officer at Moneyhub, noted that the company facilitated the UK's first Open Banking payment by a member of the public in September 2018, a direct bank-to-bank transfer. Scholey described the UKPI participation as the next step, characterising it as money that moves intelligently and adjusts around income, spending, and affordability regardless of destination. He added that for the company's clients, the development enables smoother ways for their customers to move money into pensions, ISAs, savings, and investment products, supporting deeper deposits and stronger engagement.
In addition, Richard Koch, Managing Director of UKPI, welcomed Moneyhub as the first non-shareholder participant, describing the company's proposed use cases as focused early adoption designed to demonstrate the scheme's viability and build consumer confidence.
UKPI's structured, phased approach reflects a broader effort to bring standardisation to Open Banking-enabled payments in the UK, a market where uptake has historically been uneven across sectors.
