NatWest unveils bank account aggregator
NatWest has finally embraced open banking with the launch of a bank account aggregator.
“The first step in loads of little steps”
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.
I just wish that you all would stop messing about with our accounts.
All banks need to secure the basic on line at present
Forget and secure what you have problems with
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I have used full access aggregators from 2 different British banks for more than 10 years, what is new about this aside from the frightening thought of banks with such terrible reputations mentioned in this article being let loose with people’s finances?
How about making the app available throughout Europe,I live in Germany and it’s a pain to have to go to online banking to do thing’s,money transfers etc that would take 10 seconds to do with the app.
What a wonderful waste of time and effort.
I would have big wager that a vast majority of account holders, at ANY bank, have just one main current account and/ or credit card, and only half of them have savings of any description.
Maybe, just maybe, the Banks need to spend their time & efforts on cracking system and security failures, and fraud prevention.
It’s regulatory – they don’t have a choice. They would prefer to spend their IT budgets on their own requirements!
Forget all this messing about with open banking and just stop closing branches left right and centre !
I bank with NATWEST, I use their mobile app, there’s nothing that online banking can offer me that I cannot already access with this simple app, I have 2 accounts, I can transfer, pay friends cash, manage my own direct debits, standing orders, I can look at pending debits…. it’s so easy and secure.
Don’t mess with perfection…. from A LONGSTANDING , HAPPY CUSTOMER
Too little too late with challengers like Monzo, so much more transparent and useful, branches are obsolete for new generations. The more people using smart banks will mean less handling of cash. Monzo is already leaps in front instant transactions are amazing notifications are instant and service is great. I got a query handled on a Sunday this week. I couldn’t believe it.