Open Banking with Barclays
An overview of Barclays Open Banking capabilities and vision for the future of FinTech innovations it will enable.
Barclays Open Banking
Barclays offer their developer portal for Open Banking here.
They describe the vision and opportunity for Open Banking in this blog, where they describe how customers will have the option to give their permission to share their account transaction data with, or make payments through, other companies.
Open Banking is a huge opportunity for all sorts of tech companies to introduce previously unimagined products and services.
Single app, multiple accounts
“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.”
As the sharing of information is encouraged, the expectation is that banking data can be utilised by FinTechs to create new financial products – like funding platforms, supplier payment services, credit checks or insurance – that are more competitively priced or better suited to customers’ needs.
Access to a person’s or company’s financial data should also greatly reduce the time it takes for financial services to be set-up; for example, providers may be able to approve loans much more quickly, as well as linking transactional information to accounting software.
In this video Truelayer shows a walk through demo of the Barclays Open Banking authentication flow: