Lloyds has signed AJ Bell, an investment platform, to its open banking-powered FundBy Bank technology.
AJ Bell is the first wealth management industry client to adopt FundBy Bank, offering its clients an alternative to funding transactions via card payments, or by separately logging on to an online banking portal.
This technology enables clients to choose how much they want to invest directly from the AJ Bell Youinvest website or app. This process then automatically redirects clients to their online bank account, where they can review and access their balance and validate the transaction.
There is no extra registration or need to input payment details and, after it gets approved, the funds are transferred through Faster Payments and are available nearly instantly.
Payment sales Lloyds Bank Commercial Banking, Ross Bacchus, stated:
“By providing a quick, simple, integrated user journey, FundBy Bank greatly improves the end-customer experience for clients, like AJ Bell, and is just one example of how our suite of APIs is making a real difference by helping to streamline payment processes.
Leveraging Open Banking, through Lloyds Bank FundBy Bank, gives the investment platform greater flexibility through enhanced payment initiation across their product range.”
