Mode, a digital banking app, is launching its first open banking feature. The feature allows users to connect external banking accounts with the Mode app, specifically enabling quick top ups. The feature is made possible through its partnership with Modulr.
"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," Janis Legler, Mode Chief Product Officer, commented in a company announcement. "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."
The top up capability is currently available to UK customers. Top ups are made into Mode Sterling accounts. The connection between the app and bank accounts is secure in line with open banking standards. At launch, the following banks are supported: Santander, Barclays, Lloyds, NatWest, and RBS. Mode plans on adding to that list in the coming weeks.
Adding the feature to the Mode app takes on a few taps from the user. The user selects the bank. Next, top up account details are entered. Finally, transactions are approved. Users no longer need to remember their account information. The underlying infrastructure is provided by Modulr and the Faster Payments network.