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.