NatWest unveils bank account aggregator
NatWest has finally embraced open banking with the launch of a bank account aggregator.
Described as its “first real-life customer feature using open banking”, the bank’s iOS users can now bring in their current account balances and transactions from 15 other banks and see them alongside their NatWest accounts without leaving the app.
Jack Stevens, digital product owner at NatWest, says on LinkedIn: “Basically this is the first step in loads of little steps in the direction of openness that should make it easier for customers to choose the right financial products for them.”
In terms of specifics, one feature will include pending transactions visible. Stevens says that an Android version may be coming in the next few weeks.
Currently all data is read-only, but Stevens explains that payment services are launching as part of open banking later this year. Consent is automatically removed every 90 days – and the bank is currently working through (like all the other CMA9 banks) as to what the next phase looks like.
There are no timelines, but neobanks, like Monzo, are not supported yet – but this functionality is “in the works”. Mortgage data from other banks and credit cards will be introduced later this year.
Others have been here before.
Earlier this month, Lloyds unveiled a new open banking app feature to let its customers view products they have with rivals.
In September 2018, Barclays said it was the “first” UK bank to allow customers to bring their other current accounts into its mobile banking app.
In May 2018, HSBC UK unveiled Connected Money, the “first” app from a UK bank that allows customers to see their accounts on one screen. That relied on screen scraping, rather than open banking functionality.