Apple soft launches Open Banking-powered integration for UK Wallet users
Apple has soft launched a new iPhone Wallet app integration in the UK powered by Open Banking.
The integration, first reported by 9to5Mac, means that UK users of the Wallet app will be able to view their current account balance, as well as a history of deposits and payments.
According to reports, it will initially be available to a subset of Wallet app users in the UK who have an Apple Pay card associated with one of six supporting banks, including Barclays, HSBC, Monzo, Lloyds, RBS and Starling.
The integration is being made available as part of the upcoming iOS 17.1 developer beta, 9to5Mac reported.
The news was shared by Freddy Kelly, senior engineering manager at Apple Pay, on LinkedIn.
Kelly was the co-founder and chief executive officer of Credit Kudos, a challenger credit reference agency that was acquired by Apple last year.
Back in December 2021, Kelly said: “Open Banking technology is helping lenders to move beyond the limitations of traditional credit data and open the door to better financial behavioural data.”
In response to today’s announcement, Lauren Jones, director, market development at Open Banking Exchange, wrote on LinkedIn: “Apple has been playing at the margins but has now firmly moved into the Open Banking arena.
“The UK Apple Wallet will soon be able to leverage account aggregation as Apple will provide current account history and balances for connected accounts. This will drive competition and provide genuine value for customers – I for one will switch my current account if it is not supported.”
On LinkedIn, Simon Lyons, Obconnect’s chief strategy officer, said: “This proves that Open Banking and the UK version is first class and usable. It shows that other versions and compliance suites are not. How many banks would deny Apple a feed?”