CBA, Barclays streamline international money transfers
CommBank and Pingit join forces in digital development.
The Commonwealth Bank of Australia (CBA) and British bank Barclays have partnered to simplify, streamline and speed up money transfers between Australia and the United Kingdom.
The two financial institutions have bridged their individual payment apps so that people can move money between the two countries more rapidly, using only a mobile number.
This eliminates the need for customers to enter account numbers, branch details, sort codes and other information when transferring cash.
CBA's CommBank app and Barclays' Pingit will begin offering improved international money transfers to retail customers in the last quarter of 2016.
Pingit has more than 3 million registered users. The app can be used by any UK bank account holder, not just Barclays' customers, opening the door for a much wider uptake of cross-border payments.
Australia's prosperity hinges on continued technological innovation in order to create jobs, grow the economy and improve global competitiveness.
In July, the Australian Information Industry Association (AIIA) outlined four key areas of focus to help transform Australia to a digital economy.
In a report released late last month Australia was praised as a forward-thinking, cultivator of venture-capital backed fintech startups.
However, many commentators believe the financial industry hasn't been as heavily disrupted or influenced by digitisation as other sectors. Borders, both physical and digital, still hinder global activity.
CBA's partnership with Barclays helps break down these barriers. CommBank also teamed with a group of global banks in August to test the efficiency of blockchain technology in transforming trade financing.
Expanding their innovation network outside of Sydney and Hong Kong, CBA has established an innovation lab in London, collaborating with and growing the next wave of fintech startups.
Discover the world of financial technology – fintech – in our guide to Australia's innovation landscape.