Four UK banks sign up for VocaLinks Zapp app

Bank of Scotland, Barclays, Halifax and Lloyds Bank are working with Zapp, VocaLink’s payments innovation team, to deliver the service.

Zapp says whether users are registering for the first time or paying with a mobile, the Pay by Bank app uses the bank’s own security methods to verify the user. In addition to the bank’s security, the app lets users make a purchase online, via an app or in store. Customers will be able to see their account balances before they pay.

In addition, Zapp says many major high street retailers have already confirmed their support for the service. The app allows money to move instantly from a customer account to a merchant account through real-time payments. More than that, Zapp claims that payments work through secure digital tokens, meaning customers never reveal any of their financial details (including account details) to merchants when they are shopping.