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Mode introduces bank transfers powered by Open Banking technology

Wednesday 22 July 2020 13:11 CET | News

Mode, the digital banking app, has extended its partnership with payments provider Modulr to launch its first feature powered by ‘Open Banking’, as part of a commitment to deliver a digital banking app. 

The feature allows users to connect their external bank accounts to the Mode app, enabling them to make quick top ups within the app. 

At its core, Open Banking is a technology that enables financial institutions to communicate, whilst allowing customers to grant access to the account information or payment initiation. 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;
  • 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.

Mode’s underlying payments infrastructure is powered by Modulr – the alternative to wholesale and commercial transaction banking. The new top-up functionality leverages the Faster Payments network – the same payments technology that powers bank transfers in the UK. This means that Mode users will typically receive their funds straight away. 

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Keywords: Mode, bank transfers, banking, Open Banking, payments, app, digital banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech