Lloyds Banking Group will use Mastercard’s Open Banking Connect system to enable the transfer of money between accounts.
In Brief:
Customers will be able to pay credit card bills directly from their mobile app.
This is achieved through a Payment Initiation Service Provider (PISP) payment.
Previously it was necessary to add credit cards as a payee.
What does this mean?
While open banking is set to transform financial services, there has been little to convince consumers of its value up until fairly recently. Now, with high street banks adding new features thanks to the technology, some concrete examples can be shown.
