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UK-based personal finance management (PFM) chatbot Plum has added support for UK neobanks Monzo and Starling. This was facilitated by the UK’s Open Banking initiative and via a partnership with application programming interface (API) provider TrueLayer.

Customers use Facebook Messenger to engage with the chatbot, which can answer questions about finances and ensures that people aren’t overpaying for financial products. Additionally, it sets aside money for customers to help them save, and users can opt to let Plum invest it. Plum — which has 130,000 registered users and launched in 2017 — already supports most major banks in the UK, including NatWest, HSBC, and Barclays.

Here’s how this move will likely benefit Plum:

Partnering with TrueLayer makes data-sharing safer — which could boost uptake. Using TrueLayer allows Plum to request customers’ account data without ever seeing their login credentials. TrueLayer enables this by using an API to connect directly to the customer’s bank. This added security might make users more likely to use Plum, helping it to grow its customer base.
Integrating with neobanks will connect …read more

Source:: Businessinsider – Finance


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