The UK bank has chose to team up with the Commonwealth Bank of Australia in order to allow customers to send instant mobile payments around the world, using only a phone number.
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“Today 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”.
By teaming up with each other, Barclays and CBA hope that they can grab a bigger slice of the fast growing worldwide money transfer sector, which has seen a host of new entrants, such as TransferWise and Azimo, undercutting banks.
The Commonwealth Bank of Australia has partnered with Barclays, with the two connecting their respective payment apps, providing for streamlined transfer of payments between Australia and the UK.
The banks on Friday said the agreement demonstrated how large financial institutions can collaborate to deliver innovations at scale. It adds to the bank’s existing labs in Sydney and Hong Kong.
The CBA’s London innovation lab team said that it is already working with blockchain startup Everledger on the “next wave” of banking innovations.
The PingIt and CommBank app solution will be available to retail customers in the fourth quarter of 2016.
“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”, Rosmarin said. The launch follows, in recognition of London’s focus and world status as the center of fintech innovation.
Along with the collaboration, CBA has also opened the doors of its new Innovation Lab in London.
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Total IT expenses came in at AU$1.5 billion for the full year. The largest IT expense for the full year was the desktop line item that increased by 30 percent year on year to AU$143 million.
