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Users of money management app now have legal right to data

12th January 2018

Photograph of Users of money management app now have legal right to data

MONEY DASHBOARD WELCOMES IMPLEMENTATION OF NEW BANKING RULES.​

Money Dashboard, the UK's leading personal finance assistant​, has welcomed the implementation of new EU banking rules - called Payment Services Directive 2 - on Saturday 13th January 2018.

Commenting, Steve Tigar, Money Dashboard's CEO, said:​"​Money Dashboard has been helping people make their money go further since 2010. By allowing people to integrate all their online banking accounts, from all providers, into one app, we have been promoting financial responsibility and financial inclusion to hundreds of thousands of our customers.

​"​The terms and conditions of the UK's large banks have previously placed impediments in the way of our service, with customers concerned about breaching the terms of their account by using our app.

​"​On Saturday, this stops. Customers now have the legal right to permission our service to use their banking data. This is a big day for our company, but more importantly it is a liberating day for our customers, who have driven the demand for services like ours."​

Money Dashboard is a free online personal financial management service in the United Kingdom. It provides users with the ability to view all of their online financial accounts in one place and categorises and analyses all of their transactions so they can understand how they use money. The app aims to help consumers make better financial decisions and budget for the future.

The app is powered by Yodlee, an account aggregation service used by many of the world's leading banks and financial institutions.

The service is regarded as the UK's first significant personal finance service, an equivalent to Mint.com in the US, and promotes a strong emphasis on security. It is a read-only application and does not store users bank account usernames, ID's or passwords; data services are handled by Yodlee.

In 2015 it was reported to be the UK's largest Personal Financial Management (PFM) provider, having attracted over 100,000 users.

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Money Dashboard was started in 2009 by serial entrepreneur Gavin Littlejohn, and officially launched the first version of its service in 2011, which was developed with the intention to offer a free and easy solution to consumers who have lost control or who are struggling to control their finances. In 2012 the company launched the second version of its service. Since that time it has been continued to release upgrades to its service, including launching applications on both iOS and Android. This has included facilities to identify and promote money saving opportunities to consumers, such as product switching.

Money Dashboard web site - www.moneydashboard.com

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