Open Hub is a simple interface which leverages Open Banking to connect multiple external services securely in one place
Strands was one of the winners at the 22nd edition of the Banking Tech Awards, a ceremony “commending the most impactful, innovative and successful projects, products and services in the financial services technology space in 2020.”
A judging panel of industry experts named Strands’ Open Hub the Best Open Banking Solution of 2020 due to its ability to allow banks to enrich their 360-degree view of their customers. The award was included in the Excellence in Tech category, dedicated to technology services and software providers. The awards ceremony was broadcast digitally and hosted by stand-up comedian Tom Ward.
Following the awards, FinTech Futures has just released a special supplement, which includes an interview with Strands’ Head of Product, Claudio Cungi. The article dives deep into the key features of Open Hub, from why it was built to how the solution leverages the Open Banking framework.
Strands: Opening up banking and account aggregation services
Discussing how Open Hub help banks and their customers, Claudio explains: “Open Hub gives banks and enhanced view of their customers by taking into account both internal, such as their customer’s bank account transaction data, and external information, such as financial transactions the customer has in other bank accounts and other financial information held in accounting software used by the customer, for example in Quickbooks or Xero.”
“Open Hub can put customer transactions into different spending categories, such as groceries, home apparel, restaurants etc, using Strand’s AI-driven software. Each bank has its own categorisation systems. Open Hub lets a bank’s customer with accounts in more than one bank can see all their transactions categorised following a common style in a single platform. These could be recurring payments in a separate business account or expenses on a shared account,” Strands’ Head of Product adds.