The two global banking groups have linked their respective mobile apps, Pingit and CommBank, to provide fast retail payments between the two countries. The mobile payment apps allow individuals, which have been connected by Barclays and CBA, to transfer money between the UK and Australia without needing to type in sort codes and account numbers.
According to financial Times, neither of the banks has a retail operation in the other’s country and they are not viewed as rivals, allowing them to collaborate.
Pingit has more than 3 million users in the UK and is open to all current account holders rather than being restricted to Barclays customers, thus clearing the way for a large uptake of the cross-border payment service. For CBA the deal opens up the UK payments market, viewed as one of the most innovative globally, the site continues.
The Australian bank has launched an innovation lab in London, in an attempt to harness developments in fintech to create more efficient services and products.
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