Apple Promotes New Apple Pay UK Bank Account Balance Feature

Such a shame that Starling enabled this and then pulled it within a week or two, I found it really handy.

I'm not sure how this can be an Advantage, I enjoy Apple Pay etc.
If my u.k. Bank Didn't offer their own built App, then maybe Wallet could help.
Honestly not sure of the need of More 'Duplicate' features Apps.
Maybe 'The Everything App' will Astound' me :rolleyes:

I have had it for a few weeks now with Lloyds bank. I actually find it super useful because accessing my banking app is a bit of a hassle, it takes time and it likes to show me inbox messages before letting me in.

With this wallet feature I can see immediately my balance and my transactions. I think is really really good.

Starling still missing…
Curious what is keeping them from getting it done.

I’m really wary of Open Banking.

According to Lloyds Bank, none of the protection for fraud applies to Open Banking transactions.

Don't be to wary. It's merely a 'view', or window, if you like.

Open Banking connections can't make transactions, only pull in details of existing transactions and balances,

That's what it's for.

It's how all the credit agencies work in the UK, and in my case makes my accounting far easier by allowing me to tie my company accounts to my bank accounts (Quickbooks).

This is true - no protection for Open Banking Payments

Which bank?

As with everything else governed by the EUs Revised Payment Service Directive (PSD2), which has was adopted into UK law a part of the Brexit transition, open banking requires Secure Customer Authentication for every Third-Party Payment transaction. The only exceptions are VRPs, and those are currently only mandated for sweeping.

Which is to say that you should need to go into your bank's app to authorize any payment made through another app or service with the only exception being when transferring money between different accounts you personally own.

It is expected Virtual Recurring Payments will replace both direct debits and having services save your card details for taking payments. But even then you will still need you to first set up the mandate, which requires SCA, so it is similar to direct debits but with more security, flexibility, and control. The result is any businesses, services, and apps you allow to initiate payments only need a token rather than account details, making it more secure, and you can cancel the token at any time.

With VRPs the responsibility for authentication is delegated to the third party Payment Initiation Service Provider. So you will not need to switch apps to approve transactions that are with your chosen limits. But any such service has to be regulated by the FCA and you can claim fraudulent payments be refunded.

So in this way it is no different to using Apple Pay, where you do not have to approve payments through your bank's app as Apple takes on the authentication responsibility. Which is why it requires a biometric or passcode approval for payments, other than public transport Express Mode

As authentication is delegated with VRPs, not removed, the open banking providers need to provide their own authentication as part of the PSD2 regulations. Which as they will otherwise be liable in cases of fraud they will obviously want to put their own measures in place anyway.

That's a bit offtopic but I can't wait for the day when Instant Payments will be the standard across all banks and countries and transactions will be processed in real time. Some banks here in Europe offer SEPA Instant Payments and it is a game changer.