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Apple continues to revolutionize the digital banking experience with its latest update, enabling users to effortlessly monitor their account balances for 10 prominent UK banks and card companies through the Apple Wallet app. This transformative feature, initially introduced in the developer beta of iOS 17.1, is now gaining momentum, offering users a convenient way to stay on top of their finances directly within the app.
Connecting your Apple Wallet to your bank account is a breeze. Users can follow a simple process to link their cards to the app, allowing them to instantly view their current account balance beneath the corresponding card. The real-time balance updates serve as a practical tool for users to manage their spending effectively.
Originally limited to six banks during its beta phase, the feature now boasts compatibility with an extended list of major UK financial institutions:
- First Direct
- M&S Bank
- Monzo Bank
- NatWest Bank
- Royal Bank of Scotland
Beyond the convenience of checking account balances, users can access their full transaction history, offering a comprehensive overview of their financial activities. This includes not only purchases made through Apple Pay but also a detailed record of all transactions associated with the connected bank account.
The Wallet app prioritizes user privacy and security, adhering to strict standards set by the law. Data is securely transmitted directly from the bank to the user’s device, eliminating the involvement of third-party servers. This ensures that neither Apple nor any external entity can access sensitive account balances or transaction history.
While many Apple features typically launch in the United States first, the availability of this particular feature depends on the UK’s Open Banking legislation. Open Banking encompasses an API that allows third-party apps to access real-time account information, facilitating more efficient payments and accurate credit scores through live financial data.
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In the US, the absence of legislation mandating Open Banking adoption means that this feature is likely to take some time before reaching American users. However, as Open Banking is also part of EU law, there is anticipation that the feature will extend to other European countries in the near future, along with broader support from additional UK banks. Stay tuned for further updates on this innovative banking experience from Apple.