Barclays says it will embrace the Open Banking revolution by updating its core mobile banking app allowing customers to view accounts from rival banks in one place.
This change has been driven by the new Open Banking regulations which came into force earlier this year. Open Banking is a European regulation which forces the banks to open up customer data via a set of secure APIs, meaning customers can give access to their financial information to approved third parties. The aim is to boost transparency for financial products and encourage the creation of innovative banking solutions.
As opposed to HSBC, which decided to launch a new standalone app, first as a Beta then as the Connected Money app, Barclays has opted to embrace Open Banking through its core mobile banking app by releasing multiple account views as a feature.
The new feature is available immediately to customers with the latest version of the mobile banking app installed. It allows customers to view their balances and transactions for other personal or business current accounts with Lloyds, Halifax, Bank of Scotland, RBS, NatWest, Nationwide or Santander once integrated through the new open banking APIs. More providers, account types and additional features will be added soon, the bank says.
“Lots of people have more than one current account and keeping on top of all your day-to-day finances can be time consuming and complicated,” says Caroline Ambrose, Open Banking at Barclays
“We want to make this simpler for our customers so have introduced this new feature which will enable them to see their current accounts in one place, within our existing app.
But alongside ease, customer security is also key. It uses the industry-approved Open Banking API technology to ensure that customers’ accounts are linked into the app securely, without them ever needing to give out their other banks’ usernames or passwords. Customers will also be able to view all their data permission history for added security and peace of mind.”