Lloyds Bank Introduces Open Banking Account Aggregation in Mobile App

Following the addition of open banking functionality to the Lloyds app, users will now be able to see Lloyds Bank customers can now see current accounts from multiple banks through their mobile banking app. The list of banks participating in the open banking project includes NatWest, RBS, HSBC, Barclays, Santander, Nationwide, Bank of Scotland, Lloyds and Halifax, with further banks to be added. Bank of Scotland, also part of Lloyds Banking Group, introduced the functionality to its customers in December. Open banking legislation, which was introduced by the UK government a year ago, gives third-party financial services suppliers access to customer data – if the customer agrees – through APIs. Account aggregation – the function allowing customers to see all their accounts in one place – is widely seen as the first stage of adoption at banks. HSBC was an early adopter in May 2018 when it launched Connected Money, an app that enables users to view all their bank accounts in one place.