Danske Bank launches open banking feature

Danske Bank has become the second bank in UK to launch an open banking feature through its mobile banking app.

Costumers who also have a personal current account with Santander can choose to view their balances and transactions through the Danske Bank app. More banks are expected to be added in the coming months.

The new feature is powered by open banking technology which utilises application programming interfaces to let users authorise access to their account securely.

Barclays is the only other bank in the UK to to offer account aggregation through a mobile banking app.

Danske Bank senior manager of open banking David Thompson said, “Many consumers today have more than one bank account. Now they can have a clearer view of their finances on just one screen, making it easier to manage their money and saving them time. This is just the beginning – we are working to add more banks within the next few months and we’ll be taking customer feedback on board as we continue to build the service.

“We know that security is a huge concern for consumers. We will never ask our customers to share their login details for another bank. Customers will only use services enabled by Open Banking if they give permission to us or any other regulated app or website – it’s always the customer’s choice. Open Banking is also regulated and uses rigorously tested software and security systems.

“The idea behind Open Banking is that it will bring more competition and innovation to financial services which, in turn, is hoped will lead to more and better products to help consumers and businesses manage their money.”

Earlier this year the bank invested into Denmark-based personal finance app Spiir, becoming its co-owner in the process.

Copyright © 2018 FinTech Global

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