- 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.”
Developing innovative solutions: the CBA Innovation Lab
In recognition of London’s world status as the premier centre for financial technology innovation, CBA has opened the doors to its Innovation Lab in the heart of London. CBA’s innovation lab network now spans Sydney, Hong Kong and London. The London Lab is being established to help CBA tap into the very latest in fintech thinking, enabling it to develop solutions that will extend its leadership in innovation and technology.
“We are committed to be at the forefront of innovation for the benefit of our customers, and we want to access the best ideas wherever in the world they may originate. London, and the UK as a whole, has a reputation for nurturing global fintech innovation. We are excited about opening our Innovation Lab here and look forward to many partnerships and collaborations with this vibrant fintech community,” Kelly Bayer Rosmarin said.
CBA’s Innovation Lab joins Barclays own Rise innovation hub in London. The site, which opened its doors in 2014, is designed to bring together some of the city’s most dynamic start-ups working in fintech and is home to the Barclays Accelerator programme, CBA’s London innovation team is already collaborating with fintech start-ups focused on bringing the next wave of banking innovations to life. This includes blockchain rising star, Everledger – a recent graduate from the Barclays Accelerator.
For more information on the Innovation Lab visit commbank.com.au/innovationlab.