Bank of Cyprus: Provides access to eight other banks to its customers

Bank of Cyprus: Provides access to eight other banks to its customers

Business Monday, 13 May, 2019
The ability of the customer to monitor the accounts he maintains with other banks through Internet & Mobile Banking, offers Bank of Cyprus, as part of the Digital Transformation Program. In today's announcement, Bank of Cyprus reports that 1bank provides, via Internet & Mobile Banking, the ability of the customer to monitor its accounts with other banks, adding that this service is currently only available to customers who are linked to accounts in eight English banks. However, it states that it will soon provide similar access to all accounts held by its clients and 1bank subscribers to Cypriot banks via the 1bank platform to which they can also make money transfers

 In addition, it states that 1bank subscription and access to the electronic banking platform of other banks is required for access and adds that it expects two more Cypriot banks to be technically ready to provide the relevant access and to share the codes between the banks. The service, according to Bank of Cyprus, offers transparency and simplification of procedures and an easy and absolutely safe way to manage the money and accounts of bank customers. Through 1bank, and using only the mobile phone, users will be able to monitor their financial statements, their bills, card traffic and their loans to various banks, he adds.
 
Bank of Cyprus reports that it has been leading the establishment of an Open Banking ecosystem in Cyprus, as it is the first Cypriot bank to introduce APIs (Application Programming Interfaces) that implement the PSD2 (Payment Service Directive2) and has merged with eight English banks, allowing customers to monitor their transactions and their bank balances held with the other banks together with the Bank of Cyprus accounts through 1Bank. It adds that these banks are: Lloyds Bank, Halifax Bank, Bank of Scotland, Natwest Bank, HSBC Bank, RBS Bank, First Direct Bank and Marks and Spencer Bank. 
 
Source: CNA/ Typos

 

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