Lloyds has signed investment platform AJ Bell to its open banking-powered FundBy Bank technology.
AJ Bell is the first wealth management sector client to adopt FundBy Bank, providing its customers with an alternative to funding transactions through card payments, or by separately logging-on to an online banking portal.
The technology enables customers to select how much they wish to invest directly from the AJ Bell Youinvest app or website. The process then automatically redirects customers to their online bank account, where they can view their balance and authenticate the transaction.
There is no additional registration or need to input payment details and, once approved, the funds are transferred via Faster Payments and are available almost instantly.
Ross Bacchus, payment sales, Lloyds Bank Commercial Banking, says: “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 are making a real difference by helping to streamline payment processes.
“Leveraging Open Banking, through Lloyds Bank FundBy Bank, gives AJ Bell greater flexibility through enhanced payment initiation across their product range."