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Saturday, December 9, 2023
HomeTechnologyApple Wallet now displays UK users' bank account balances with ease

Apple Wallet now displays UK users’ bank account balances with ease

Apple has introduced a new beta feature for its iPhone Wallet in the UK that allows users to view their current account balance, recent deposits, and payments. The feature, powered by the UK’s Open Banking API, comes after Apple’s acquisition of Credit Kudos, a company that utilizes Open Banking to provide users with insights into their financial health and creditworthiness. To access the feature, users must authorize it through the Wallet app and authenticate via their bank’s app or website. All banking data is stored locally on users’ devices for enhanced security.

This introduction marks a rare move by Apple to debut a feature outside of the US. Despite not yet offering its Apple Card in the UK, Apple’s acquisition of Credit Kudos solidifies its presence in Open Banking. Credit Kudos’ API taps into the UK’s open banking platform to analyze account data, assisting banking providers in making faster and better decisions for customers seeking loans and other financial services. Open Banking is unique to the UK and is not yet present in the US, although efforts are being made towards its implementation. Europe has a similar system known as PSD2, which could potentially see Apple bring the same features to the region, where it holds a dominant position in smartphone-based payment systems with Apple Wallet.

In summary, Apple has quietly introduced a beta feature in the UK for its iPhone Wallet, allowing users to access their current account balance and recent financial transactions. This feature is enabled by the UK’s Open Banking API and follows Apple’s acquisition of Credit Kudos, a company that leverages Open Banking to provide users with an overview of their financial health. The new feature requires user authorization and authentication through the Wallet app and their respective bank’s app or website. Open Banking is unique to the UK and could potentially be expanded to other regions, such as Europe, where Apple holds a significant presence in smartphone-based payment systems.

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