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Saturday 22 September 2018

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Barclays opens app to other bank accounts

Written by Peter Walker
12/09/18

Barclays has claimed to be the first UK bank to enable customers to view their current accounts from several other UK banks within its mobile banking app.

Customers who have a personal or business current account with Lloyds, Halifax, Bank of Scotland, RBS, NatWest, Nationwide or Santander can choose to view their balances and transactions when they log into the Barclays Mobile Banking app.

More banks will be added over the coming months, with further features to follow, according to a statement.

The feature uses the 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.

Catherine McGrath, managing director of retail banking at Barclays, explained: “We will never ask customers to share their login details for another bank and we will always ensure they have full control over their data, with the ability to manage information sharing quickly, easily, and above all safely.”

The free feature will be rolled out over the coming weeks to all Barclays UK personal current account holders including Premier, Wealth Management and Private Clients.

Back in May, HSBC UK launched Connected Money, the first app from a UK bank to allow customers to see not only their UK current account, but online savings accounts, mortgages, loans and cards held across up to 21 different banks.

On the 13 January launch date for Open Banking, the CMA9 group of High Street banks not even ready to comply with the legislation at all, and nine months later there has been little evidence of innovation.

Currently, consumers have limited visibility on what the changes mean for them, with familiarity only coming with concerted marketing campaigns and use of actual applications or products using API technology.



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