Large UK bank announced unprecedented Open Banking initiative

It leverages the industry-approved Open Banking API technology to ensure a safety

Open Banking initiative

Large UK bank announced unprecedented Open Banking initiative. Source: shutterstock.com

Barclays allows its customers to securely make payments from current accounts held with other banks from within the Barclays app. This way, the bank is helping them to take care of money management in one place.

The new feature is based on the existing ability to view current, savings and credit card accounts held with other UK banks in the Barclays app.

In the beginning, it has been rolled out to customers who have a linked current account with NatWest, Nationwide or Bank of Scotland. It will be rolled out to other providers including Santander, Lloyds, Halifax, and RBS in the nearest future.

Day-to-day life is busy enough without juggling multiple banking apps to stay on top of your finances. That’s why we’re working to make our customers’ lives easier by putting everything in one place and adding features that help them manage their money in a secure and straightforward way
Caroline Ambrose, Director of Open Banking at Barclays 

To use the feature, customers will need to add the personal or business current account they hold with another bank into their Barclays app. Afterward, customers can view their balance and transactions, and securely carry out payments.

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