CBA and Barclays strike payments deal

Banks work together to facilitate international payments

Barclays group chief operating officer, Paul Compton, and CBA group executive institutional banking and markets, Kelly Bayer Rosmarin, in CBA’s London Innovation Lab

Barclays group chief operating officer, Paul Compton, and CBA group executive institutional banking and markets, Kelly Bayer Rosmarin, in CBA’s London Innovation Lab

The Commonwealth Bank of Australia and Barclays have struck a deal that will allow users of their mobile apps to transfer money between Australia and the UK using a mobile phone number.

The banks have described the partnership as the first time that two global banks have stitched together mobile payment platforms to connect Australia and the UK.

Barclays' Pingit app has more than 3 million registered users. It can be used by an UK account holder, not just customers of the bank.

“We are delighted to offer customers a simple and secure mobile to mobile international payment option through our partnership,” CBA group executive institutional banking and markets, Kelly Bayer Rosmarin, said in a statement.

“This demonstrates the power of two influential global organisations collaborating to deliver world-firsts in financial services innovation.”

“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,” Barclays COO Paul Compton said.

Barclays chief operations and technology officer, Michael Harte, is a former CBA chief information officer. Harte departed in 2014 and was replaced at CBA by David Whiteing.

CBA launches London Innovation Lab

CBA also announced today it had launched a new Innovation Lab in London. The bank has previously unveiled labs in Sydney and Hong Kong. The London lab is based in Barclays’ Rise innovation hub.

“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,” Rosmarin said.

“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.”

CBA's London Innovation Lab
CBA's London Innovation Lab


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