The Italian fintech company Moneyfarm has launched the Payment Initiation Service (PIS) feature, renamed smart bank transfer, which allows payments from other banks’ accounts aggregated in its platform.
That means that it will be possible to aggregate the current accounts of Moneyfarm clients who will activate the service to get a direct dialogue between these current accounts and investment portfolios. To date, the main banks are already aggregated: Intesa San Paolo, Fineco, UniCredit, ING, Bancoposta, Banco BPM, Banca BNL, Banco di Sardegna, Widiba, Monte dei Paschi.
Read more about the new feature launched by Moneyfarm and find the latest business news with our companion app, Born2Invest.
Recall that the PIS was also launched last May by Illimity Bank, the digital bank of the Illimity Group
Only in the first three weeks after its launch, 20% of all transfers to Moneyfarm accounts were made via smart bank transfer. Thanks to this new functionality, Moneyfarm customers can therefore withdraw and invest funds safely and quickly (within a maximum of 2 days) from their bank to their Moneyfarm investment account in order to further optimize and speed up the fund transfer process. This new function is born thanks to the many opportunities deriving from the new European directive on payment services, called PSD2 (Payment Services Directive 2), and from open banking, which are accelerating innovation in the financial world by offering a new range of services to the benefit of savers.
Giovanni Daprà, co-founder and CEO of Moneyfarm, said: “Moneyfarm was one of the first digital wealth managers to embrace open banking solutions to take full advantage of the benefits of PSD2 for the benefit of its customers. With these new features we want to make access to our offering even easier and further optimize savings management.
Founded by Paolo Galvani and Giovanni Daprà in 2011 and specializing in online financial consulting and above all in asset management in Etf portfolios, Moneyfarm to date has obtained over $130.7 million (€110 million) loans, the last of which, from $47.5 million (€40 million), in September 2019, led by Poste Italiane and in which Allianz Asset Management, a former shareholder of the company, participated. The previous round, for $54.6 million (€46 million), was closed in May 2018
Currently, Moneyfarm manages global assets of more than $1.54 million (€1.3 billion) at a growth rate that has always been double-digit year-on-year. The company was among the first to adopt the “hybrid” consulting model that combines technological innovation with the constant presence of a team of dedicated consultants. Moneyfarm is also the only digital wealth manager in Europe to pursue continental expansion with a presence in three markets (Italy, UK, and Germany).
In October 2017, the fintech company acquired Ernest, a London startup founded in 2016 by three Italian developers (Cristoforo Mione, Lorenzo Sicilia, and Niall Bellabarba), a personal banker powered by artificial intelligence. In November 2018, Moneyfarm acquired Vaamo, the first independent digital asset manager in Germany.
Last June, Moneyfarm launched its first supplementary pension solution: an Individual Pension Plan (PIP), called the Moneyfarm Pension Plan. Last July, the fintech company published its Bees on Fabrick’s platform, already integrated with 97% of banks. Last September, Moneyfarm launched the Moneyfarm Score, a predictive model of the value of footballers.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
PagaPhone Seeks to Facilitate Remittance Collection and Boost Financial Inclusion in Mexico
PagaPhone, which already has pre-authorization from the National Banking and Securities Commission to operate as an electronic payment fund institution,...
Rovi Shoots Up 72% its Profit in the First Half of 2021
The Spanish pharmaceutical company Rovi achieved a net profit of $60.3 million (€51 million) from January to June, compared to...
Four Million Round for the Italian Real Estate Crowdfunding Portal Walliance
The Italian real estate equity crowdfunding portal Walliance has closed a $4.73 million (€4 million) round. This is the third...
What Artificial Intelligence Means for Us Today?
Advantage of AI counts the smarter artificial intelligence which promises to replace human jobs, freeing people for other pursuits by...
Credit Suisse: Major Bank Admits Gold and Gold Mining Stocks are Undervalued
Precious metal investments like gold are often overlooked in exchange for more ‘exciting’ opportunities. As a result, they are frequently...
Crowdfunding7 days ago
Trusters’s Real Estate Crowdfunding Fund Raised €7.3 Million in Six Months
Crypto7 days ago
Elon Musk Said Tesla Will Accept Bitcoin Again
Featured7 days ago
How Rating Discrepancies Undermine ESG
Biotech7 days ago
UrbanFisio Launches Virtual Assistant to Surpass €1 Million by 2021