Open Data enabled applications: The future of financial services

Sep 21, 2020 |

We’ve sold our Open Banking Aggregation Platform so that we can focus on enhancing our suite of applications and bring them to new international markets

On the 21st September, OpenWrks and Tink announced the acquisition of the OpenWrks Aggregation Platform. The acquisition is part of a wider strategic partnership where we will leverage the Tink rails to power the growth of our own applications and data services business internationally.

If you'd like more information on how the acquisition impacts our clients, take a look at our FAQs.

We’re extremely proud of the platform we’ve built

Over the course of 3 years we’ve built a groundbreaking platform used by a third of UK consumers and SMEs who actively use open banking to access better financial services.

To say that we’re proud of our Platform is an understatement. Since we decided that the benefits of open banking should be made easily available to everyone we have cemented the OpenWrks Aggregation Platform as a leading provider of aggregation services, helping more than half a million people use Open Banking.

"To be totally honest we only built the aggregation platform as an enabler to our mission of helping everyone understand what they can afford to save, invest, borrow and repay by using our open banking powered applications such as MyBudget, Tully and Money Coaching. It’s the right time to handover our aggregation platform to Tink with its focus in aggregation and a platform which can supercharge the expansion of our applications globally. - Olly Betts, Co-Founder

Back in 2017, we started exploring the use of Open Banking in our SME application, Handle, to help small businesses keep on top of their cash-flow. Before we knew it, we’d done the hard work building our infrastructure, played a pivotal role in the roll-out of Open Banking buddying up with banks to test the durability of their APIs and officially launched our platform. It wasn’t easy however, and we knew that other businesses would be facing the same barriers to build and implement Open Banking as we did - but we could help. Since then, we have never looked back, making Open Banking work for the whole market, so that businesses can provide their customers with more personalised products and services.

This journey led us to create applications and data services powered by Open Banking to solve some of the biggest financial services problems, resulting in the launch of three award winning applications over the past 2 years; MyBudget, Money Coaching, and Tully.

Our applications are already used by leading Financial Services, Energy and debt advice charities including Nationwide, HSBC and E.ON. This along with our dedicated focus now on the expansion of our applications supported by our partnership with FICO we are excited about the future.

MyBudget - Helping people understand what they can afford to invest, save, borrow and repay

Faster, more sustainable and more engaging income and expenditure.

MyBudget takes all of the worst things about traditional income and expenditure assessments - long phone calls, pages and pages of forms and inaccurate figures - and makes it engaging, fast and more accurate for your business and your customers.

Using real-time account information, MyBudget builds more sustainable bank verified income and expenditure budgets, so that businesses always make sure their customers get the right financial outcome across the credit life-cycle.

Partnered with FICO: We’re working with FICO, to streamline the collections process for their new and existing clients by seamlessly integrating MyBudget into FICO® Debt Manager™ and FICO® Customer Communications Services.

Money Coaching - Helping people build a better financial future

Helping people achieve their financial goals by changing everyday spending habits.

In a society with increasing financial complexity, rising costs and a culture of instant gratification, financial capability has never been more important or harder to deliver. Money Coaching combines Open Banking data, behavioural psychology and gamification to help drive long-term change in how people think about, manage and make use of their money.

Tully - The first completely digital debt adviser [Powered by MyBudget]

Giving people the accurate debt advice they need, digitally.

Launched in 2018, Tully is the first completely digital debt adviser in the UK. Powered by Open Banking, Tully gives people the means to access the support they need with anonymity and on their terms.

For those that are eligible, Tully empowers people to repay their debts with the Tully Flexi-Plan. The first of its kind, the Flexi-Plan repayments go up or down each month depending on how much the customer can afford. So if their car breaks down or they get stung by a surprise bill, they don’t need to choose between putting food on the table and making their repayments.

If you’d like to find out more about how our applications can help your business and customers, let us know by completing this form.

Join the discussion

comments powered by Disqus

The future of affordability assessments

Whitepaper: Our 4 predictions for changes to affordability assessments after the FCA updates its handbook.