On Friday, Commonwealth Bank of Australia (CBA) and Barclays announced they formed a partnership to allow users of both their apps, CommBank app and Pingit, to move money between Australia and the UK. The two companies have reportedly worked together to connect each of their payment apps to provide a seamless, secure, and simple process for moving money between the two countries.
Barclays claimed in a press release the partnership marks the first time Australian and UK consumers can send funds between the two countries through the apps using only a mobile telephone number. Sharing more details about the new partnership, 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, also noted:
“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.”
Along with the collaboration, CBA has also opened the doors of its new Innovation Lab in London. The company’s lab network has expanded to Sydney, Hong Kong and now London. This new London Lab has been created to help CBA tap into the fintech industry. Bayer Rosmarin went on to add:
“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.”
The PingIt and CommBank app solution will be available to retail customers in the fourth quarter of 2016.