Open Banking comes to iOS as Wallet gains UK account access
The look that says.. “Oh my word, I’ve actually got some money in my account”.
Apple is about to make Apple Pay in its Wallet app much more useful for UK customers with built-in access to bank account data inside the app. This is based on the Open Banking framework supported by most UK banks which lets you check your account at multiple entities from within any banking app.
Open banking data comes to iPhone
What this means in practise is that once you give permission to iOS to access this information, the Wallet app will show you your current account balance directly under the relevant card image. You’ll also be able to review deposits, payments, and balances on both credit and debit cards.
Another enhancement is that when making purchases using Apple Pay, you’ll now be able to see your current balance, which in theory helps people manage their money, though in the context of the cost of living misery afflicting most in the country will probably just make people more depressed. (Help me with my misery – and server fees — with a small donation here).
Who gets this new feature?
The new Wallet feature will appear within iOS 17.1.
It won’t be made available to every user, instead, a report claims, it will be made available only to some UK iOS beta testers who have a card or debit card offered from a supporting bank.
Those banks include Barclays, HSBC, Lloyds, RBS, Monzo, and Starling.
What might this mean?
The feature was noted on LinkedIn by Freddy Kelly, who is a senior engineering manager at Apple Pay.
Before taking his position at Apple he was at Credit Kudos, a company Apple purchased last year.
Credit Kudos used open banking and other data to make credit worthiness decisions. As an aside, in 2022 Credit Kudos shared a case study in which its client, Admiral Financial Services was able to unlock £35 million of additional business by using open banking and Credit Kudos to make credit decisions. Could the UK be the next market for Apple Card?
While don’t yet know how Apple intends using the technologies it acquired with Credit Kudos it is widely believed that part of the plan is to support the Apple Card, and to provide a new and cheaper way to assess credit for Apple’s various hardware products.
It is also interesting that Credit Kudos was renamed Apple Payment Services Ltd. subsequent to its acquisition by Apple.
The move to integrate open banking within the operating system seems a useful step toward achieving both, but the full manifestation of the plan will likely remain unclear for some time yet. It usually takes 2-3 years (sometimes more) before Apple fully leverages tech acquisitions.
How to see your UK bank balance in Apple Wallet
If you are running the iOS 17.1 and use a supporting bank, you’ll be able to see your UK bank balance in Apple Wallet by following these simple steps:
- Open Wallet and tap a card from a supporting bank.
- You’ll see a box asking if you want to See Balances and Full Transaction History for this Account. Tap Get Started.
- You’ll be asked to give access to share the details from your bank with Wallet.
- Your details will then be made available within the app.
Please follow me on Mastodon, or join me in the AppleHolic’s bar & grill and Apple Discussions groups on MeWe.
