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Payments General

Lloyds Bank to launch open banking proposition in November 2018

Monday 29 October 2018 | 02:27 PM CET

Lloyds Bank has announced launching an open banking proposition in November 2018 led by integrated Application Programming Interfaces (API).

The UK-based lender revealed it would offer a new open banking service from November 2018 in its quarterly results but declined to provide any further information about the launch.

In May 2018, HSBC signed a deal with an analytics firm aimed at providing consumers with products based on open banking data. Lloyds said it continues to invest in digitising the group, including in robotics and productivity improvements. The lender reported an 18% increased in profit before tax of GBP 3.7 billion for the quarter. Loans and advances, including mortgages, were up GBP 2.3 billion in the quarter with prudent lending growth in targeted segments.

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