Insider Business Access to overseas accounts through BoC's ibank

Access to overseas accounts through BoC’s ibank

Through 1bank, Bank of Cyprus customers can now have easy and fast access to accounts they hold in banks overseas.

Once again, the all-new Mobile Banking App leads the way, providing customers this facility which is directly linked to the new realities of Digital Banking.

It is yet another decisive step towards achieving the digital transformation of Bank of Cyprus, as we constantly evolve and adapt to cutting-edge technologies.

Highlighting its potential in relation to what is coming in Digital Banking, and fully complying with the European Union’s PSD2 (Revised Payment Service Directive) as well as other regulatory guidelines relating to banks’ adaptability to policy strategies in innovation and high-tech, 1bank full adopts and implements the philosophy of Open Platforms.

What does it mean?

Beyond their existing personal and authorised accounts which they manage via 1bank’s Internet & Mobile Banking, Bank of Cyprus customers will be able to login securely and easily to their subscription and gain access to accounts they hold in English banks, such as Lloyds Bank, Halifax and Bank of Scotland, Natwest, RBS, HSBC, First Direct and M&S Bank.

Bank of Cyprus shall continue adding more banking organisations.

Through 1bank, private or corporate subscribers will be able to stay updated on their account balances and get information on their accounts, such as their transaction history, as well as other information relating to their transactions. The only prerequisite for using this important facility is that users must have access to the Bank’s Online Banking to which they wish to connect their accounts.

What this essentially comes down to is the ongoing implementation of PSD2, the directive setting out a common legal framework for businesses and consumers for payments within the European Economic Area.

However, PSD2 and Open Banking are about a great deal more than just adapting the market to e-commerce and online and mobile payments; these are steps forward which facilitate online and mobile payments, supporting customers in their decision to handle their accounts themselves and, in particular, to shop around for financial products and services.

 

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