Apple Promotes New Apple Pay UK Bank Account Balance Feature

Apple today highlighted the ability in iOS 17.1 for UK users to connect their credit and debit cards in Apple Wallet and easily access information like account balance, spending history, and more.

Apple Wallet connected accounts hero
Users can view their up-to-date bank card balance, payments, deposits, and withdrawals in Wallet and when they're checking out with Apple Pay online or in-apps. Apple says the new feature "empowers users to make more informed purchases, increases their confidence when making a transaction, and allows them to simply view frequent information so that they have more control when it comes to their finances."

From Apple's press release:

"By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "We look forward to working with U.K. partners under the Open Banking initiative to help users better their financial health, and provide more ways in which banks can deepen their relationships with customers."

Apple added the transaction and card balance functionality to the Wallet app in October's iOS 17.1 update as part of its Connected Cards feature, and several banks have since come on board, including Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo Bank, NatWest Bank, and Royal Bank of Scotland.

UK banks support the Open Banking API to integrate with the Wallet app, which has made the feature widely available to UK users, while the Connected Cards rollout in the United States has lagged behind.

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Top Rated Comments

rodpascoe Avatar
8 months ago
Such a shame that Starling enabled this and then pulled it within a week or two, I found it really handy.
Score: 7 Votes (Like | Disagree)
PegasusTenma Avatar
8 months ago

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.
Score: 6 Votes (Like | Disagree)
arkitect Avatar
8 months ago
Starling still missing…
Curious what is keeping them from getting it done.
Score: 5 Votes (Like | Disagree)
benjamieson Avatar
8 months ago

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).
Score: 4 Votes (Like | Disagree)
aperantos Avatar
8 months ago

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.
Score: 3 Votes (Like | Disagree)
Englishmike2 Avatar
8 months ago

I’m really wary of Open Banking.

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

Don’t be too upset if you can’t have this. Giving third parties access to your bank account details over something so trivial isn’t the wisest thing to do.

Don’t be too upset if you can’t have this. Giving third parties access to your bank account details over something so trivial isn’t the wisest thing to do.
Doesn't work like that, you don’t understand the Open Banking system.
Score: 3 Votes (Like | Disagree)