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