CYBG launches first Open Banking solution
Written by Chris Lemmon
CYBG is working with The ID Co. to integrate its DirectID Open Banking platform into the bank’s mobile banking app.
Customers of CYBG’s banking app - called B - will now be able to import banking data from a range of UK banks including: Barclays, HSBC, Lloyds Group, Santander, RBS, and Nationwide, as well as digital banks such as Starling and Monzo.
Over the next few months The ID Co. will add additional UK banks, provide support for new Open Banking V2 data blocks, as well as release new products and features based on Open Bank data.
Debbie Crosbie, chief operating officer of CYBG said: “We are one of the first banks to be Open Banking ready and able to allow customers to see all their finances in one place. This is just one stage in our digital journey, enhancing the services and experiences we can offer to our customers.”
James Varga, chief executive of The ID Co., added: “The platform not only provides a simple and easy way for consumers to share their bank data, but also allows financial institutions to carry out affordability, risk, compliance and credit assessments in a matter of seconds.”
The functionality has been rolled out to all B app iOS customers.
Late last month, CYBG announced a strategic partnership with PayPal, enabling customers to link their debit and credit cards with PayPal accounts directly from the B app.