CYBG chooses The ID Co for first open banking solution launch

Today The ID Co. announced that it has been working with CYBG on integrating its DirectID Open Banking Platform into the Bank’s B mobile banking app. B offers customers an intuitive mobile app, with a range of interactive tools designed to offer customers a single place to manage their financial and lifestyle needs, helping them become more financially fit. CYBG recently launched its aggregation service, allowing customers to see their current account details and balances from all major banks and building societies within the B app.

B customers can now import banking data from a range of UK banks including: Barclays, HSBC, Lloyds Group, Santander, RBS, and Nationwide, as well as digital banks such as Starling and Monzo.

The functionality has been rolled out Live to all B App iOS customers.

With 94% of FinTechs seeing Open Banking as a major opportunity for growth, customers are in turn expecting more sophisticated finance solutions from banks. Allowing users to employ data from a wider range of financial institutions will enable the app to give more meaningful advice in the future.

Debbie Crosbie, COO of CYBG said: “We are one of the first banks to be Open Banking ready and able to allow customers to see all their finances in one place. This is just one stage in our digital journey, enhancing the services and experiences we can offer to our customers.

“We are looking forward to a continued strong relationship with The ID Co., adding to our digital capabilities in the coming months. The ID Co. has made the process of bringing external bank data into the CYBG business seamless.”

James Varga, CEO of The ID Co added: ” The platform not only provides a simple and easy way for consumers to share their bank data, but also allows financial institutions to carry out affordability, risk, compliance and credit assessments in a matter of seconds to provide consumers with a hassle-free process of applying for loans, mortgages and other financial products.

“We have been working very closely with the CYBG team over recent months to provide Open Banking data. The move was made possible by the recent launch of API for business users of the DirectID platform. It is inspiring to see the Bank embrace the idea of live financial data and this first release is just the start with more exciting features to come.”

“Clydesdale’s adoption of Open Banking is an exciting step forward in how Open Banking enabled propositions are helping customers securely move, manage and make more of their money” added Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity.

Over the next few months The ID Co. will continue to add support for additional UK banks, provide support for new Open Banking V2 data blocks, as well as release new products and features based on Open Bank data. The ID Co. is authorised by the FCA to provide AISP (Account Information Service Provider) services for the UK market.

You can find out more about the service The ID Co. offer at the Open Banking Expo taking place on 27 November in London.