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At its core, ‘Open Banking’ is a secure technology that enables financial institutions to communicate efficiently and openly while allowing customers to grant access to the account information or payment initiation.
FREMONT, CA: Mode, the new breed digital banking app, has extended its partnership with payments provider Modulr to launch its first feature powered by ‘Open Banking,’ as part of a long term commitment to delivering a truly digital banking app. The feature allows users to connect their external bank accounts to the Mode app, enabling them to make quick and easy top ups within the app.
The initiative is designed to bring more competition and innovation to the financial services landscape.
Mode’s new functionality leverages the power of ‘Open Banking’ to offer its UK customers a new solution allowing them to make seamless top-ups into their Mode Sterling account. Users can now securely connect their external bank accounts to the Mode app, allowing them to add Sterling in just a few taps.
Mode users will no longer need to remember their account details or worry about mistyping them. All a user needs to do is:
• Select an external bank;
• Type in the top-up amount;
• Safely approve the transaction.
Mode’s brand new ‘Open Banking’ top-up feature allows users to connect to most of the UK’s major banks, including Santander, Barclays, Lloyds, NatWest, and RBS, with further additions expected in the coming weeks. The new feature represents the first move to demonstrate Mode’s commitment to ‘Open Banking’ and is the beginning of many other features to come.
Janis Legler, Chief Product Officer at Mode, said: “We see huge potential in ‘Open Banking’, and we’re delighted to showcase our early promise to what we believe to be the next generation of banking. We’re putting this feature at the very core of our customer journey, and it marks the first step of our mission to leverage the potential of ‘Open Banking’ technology and progressive regulation to provide further novel and innovative features. Thanks to our partnership with Modulr, this move will allow us to take another step forward in our journey to become the UK’s first truly digital banking App.”
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Mode’s underlying payments infrastructure is powered by Modulr, a leading alternative to wholesale and commercial transaction banking. The new top-up functionality leverages the Faster Payments network - the same reliable, secure payments technology that powers bank transfers in the UK. This means that Mode users will typically receive their funds straight away, owing to the fast and seamless user experience that Mode aims to provide.
Myles Stephenson, CEO of Modulr, said: “We are proud to have Mode as one of the first clients leveraging Payment Initiation to deliver a seamless and secure customer experience, which also benefits from faster settlement behind the scenes. Modulr is pleased to power the future of payments technology, enabling Mode to bring innovation to market.”