Sunday, 22 December 2024
Commonwealth Bank of Australia and Barclays join forces to streamline and simplify payments between Australia and the UK
- Innovative link-up of CBA’s CommBank app and Barclays’ Pingit will allow customers to move money over 10,000 miles – quickly, securely and seamlessly - with no more than a mobile number.
- Ground breaking collaboration marks the first time two global financial institutions have linked mobile payment platforms connecting Australia and UK.
- International partnership will open up an easier money transfer experience between two of the world’s most active international retail payments markets.
Commonwealth Bank of Australia and Barclays have joined forces in a technology partnership that will transform the way people can move money between Australia and the UK. CBA and Barclays retail customers will soon be able to move money over 10,000 miles, between two of the world’s most active international retail payments markets, with just a mobile number.
In a first between the two countries, CBA and Barclays have worked to connect each of their payment apps – CBA’s CommBank app and Barclays’ Pingit – to provide a seamless, secure and simple process for moving money across continents. The partnership, which acknowledges the ever increasing importance of technology at the heart of global retail banking, is an example of how both banks are working hard to drive innovation for the benefit of their respective customers.
As established banks with a global outlook, both CBA and Barclays enjoy significant brand recognition in their respective domestic markets. CBA, the tenth largest bank worldwide by market capitalisation, and recently named Australia’s most innovative bank, has long offered its 11.8 million retail customers fast, easy domestic transfers.
Barclays is a transatlantic consumer, corporate and investment bank, with a strong presence in its two home markets of the UK and the US. In the UK, its Pingit app already has more than 3 million registered users, which can be used by any UK current account holder, not just Barclays’ customers.
Today’s collaboration marks the first time Australian and UK consumers can, through the CommBank app and Barclays Pingit respectively, send money between the two countries with the simplicity of using only a mobile telephone number. The commitment from the two banks demonstrates how large financial institutions can work together to deliver innovative solutions at scale, for the benefit of consumers and the industry as a whole. The PingIt/CommBank app solution will be available to retail customers in the last quarter of 2016.
Commenting on the partnership and collaboration, CBA’s Group Executive Institutional Banking and Markets, Kelly Bayer Rosmarin said: "We are delighted to offer customers a simple and secure mobile to mobile international payment option through our partnership. This demonstrates the power of two influential global organisations collaborating to deliver world-firsts in financial services innovation."
Paul Compton, Barclays Group Chief Operating Officer adds: “Technology is transforming the financial services industry and fundamentally changing what our customers and clients want and need from us. Today’s announcement marks the first time our Pingit app has allowed two-way cross border payments, enabling our customers to send and receive money to and from Australia quickly, easily and securely.
“Our partnership with CBA demonstrates how large institutions can and should work together to provide innovative solutions that benefit both customers, and the banking industry as a whole.”
Re-disseminated by The Asian Banker
