Apple Benefits from Open Banking in the UK as Wallet Now Shows Bank Account Balances

Apple (NASDAQ:AAPL) is expanding its Fintech services in the UK by introducing real-time connections to bank accounts and displaying balances in the Apple Wallet. The UK is at the forefront of open banking technology, which requires financial institutions to provide user information upon request. To streamline the process, there is typically an API structure in place.

9to5Mac reports that Apple is “soft launching” the service ahead of the iOS developer beta of 17.1. More information will be made available to users who have an Apple Card connected to a bank account.

The participating banks include two prominent Fintechs or digital banks, Starling Bank and Monzo, as well as traditional banks such as HSBC, Barclays, RBS, and Lloyds.

Apple is considered the largest Fintech company globally, thanks to the success of Apple Pay and the popularity of the Apple Card in its available markets. Recently, there have been indications that Apple plans to venture into stock trading, although these plans may have been affected by the market downturn. As a result, Apple has shifted its focus towards offering higher interest rate savings accounts to its users.

Apple already provides a Buy Now Pay Later (BNPL) option called Apple Pay later, and its wallet can incorporate cards from most issuers.

It is expected that Apple will introduce more financial services in the future as the digitization of finance continues to progress. However, the influence of established banks could potentially hinder this progress, as they hold significant political power that they can readily leverage.

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