Mode partnered with Modulr to launch its first feature powered by open banking as part of a long-term commitment to deliver a truly digital banking app.
At its core, open banking is a secure technology that enables financial institutions to communicate efficiently and openly whilst allowing customers to grant access to the account information or payment initiation. The initiative is designed to bring more competition and innovation to the financial services landscape.
Mode’s new functionality leverages the power of open banking to offer its U.K. customers a solution that allows them to make seamless top-ups into their Mode Sterling account. Users can now securely connect their external bank accounts to the Mode app, allowing them to add Sterling in just a few taps.
Mode users will no longer need to remember their account details or worry about mistyping them. All a user needs to do is select an external bank, type in the top up amount, and safely approve the transaction.
Mode users can connect to most of the U.K.’s major banks, including Santander, Barclays, Lloyds, NatWest, and RBS, with further additions expected.
We see huge potential in open Banking, and we’re delighted to showcase our early promise to what we believe to be the next generation of banking,” said Janis Legler, chief product officer at Mode. “We’re putting this feature at the very core of our customer journey, and it marks the first step of our mission to leverage the potential of open banking technology and progressive regulation to provide further novel and innovative features. Thanks to our partnership with Modulr, this move will allow us to take another step forward in our journey to become the U.K.’s first truly digital banking app.”
“We are proud to have Mode as one of the first clients leveraging payment initiation to deliver a seamless and secure customer experience, which also benefits from faster settlement behind the scenes,” said Myles Stephenson, CEO of Modulr. “Modulr is pleased to power the future of payments technology, enabling Mode to bring innovation to market.”