Citizens Bank’s latest foray into open banking is aimed at the annoyance of switching recurring payments from one card or bank account to another, a hurdle the bank plans to ease through a mobile app update. The bank has deployed a feature to its app that enables customers to update saved payment information across billers,
Citizens has spent more than two years working on its open banking strategy.Alex Kent/Bloomberg The Trump administration is doing away with a regulation designed to promote data sharing between banks and third parties. But for Citizens Financial, the move isn’t hindering its bullishness on the broader concept. “This doesn’t change our strategy,” Eric McCabe, Citizens’
If a business wants to let a software program consume its banking data, it typically needs to go through a long series of processes, involving extensive paperwork and implementation, to do so. Citizens Bank is removing this pain point for its commercial customers by including them in the bank’s recently-launched open banking software. The trend