Apple Wallet's New Bank Account Feature Likely to Expand to U.S.

[MacRumors]

Starting with the iOS 17.1 beta released this week, iPhone users in the U.K. can add debit and credit cards from select banks in the country to the Wallet app and view their available balances and latest transactions for those accounts.

Apple calls this feature Connected Cards, and it's currently available in the U.K. only, but there is now evidence to suggest it will expand to the U.S. in the future.

As discovered by software researcher Aaron (@aaronp613), the following fine print is shown in the Wallet app when setting up the feature in the U.K.:

You permit Apple (Apple Payments Services Ltd (UK) or Apple Processing LLC (US)) to consolidate your account information and provide it to you. We do not store or share this information.

Based on this fine print, MacRumors discovered a legal document on Apple's website explicitly mentioning that the Connected Cards feature will eventually be available to U.S. residents, with personal data to be processed by Apple Processing LLC:

If you are in the United States, Connected Cards is provided by Apple Processing LLC; if you are in the United Kingdom, Connected Cards is provided by Apple Payment Services Ltd (together, "Apple").

It's unclear when Connected Cards will launch in the U.S., or which banks will participate in the country. In the U.K., the feature relies on the country's open banking framework, but it's unclear how it would work stateside. Earlier this year, the U.S. Consumer Financial Protection Bureau said it expected to finalize an open banking rule in 2024.

https://twitter.com/i/web/status/1707956080628687258

Article Link: Apple Wallet's New Bank Account Feature Likely to Expand to U.S.

 

[MacDaddyPanda]

Is this comparable to like Mint, Simplifi, or Quicken?

 

[alexandr]

Well that would be a great addition, so that all the other cards wouldn't be such duds in the wallet app...

 

[mjs916]

Finally, UK customers get something first for once.

It’s probably happened before but I just thought I’d mention it on their behalf.

 

[Lexio]

Come on Apple, this would be so easy to add in the EU given the legal circumstances here (PSD2 etc.).

 

[sw1tcher]

Starting with the iOS 17.1 beta released this week, iPhone users in the U.K. can add debit and credit cards from select banks in the country to the Wallet app and view their available balances and latest transactions for those accounts.

Apple calls this feature Connected Cards, and it's currently available in the U.K. only, but there is now evidence to suggest it will expand to the U.S. in the future.

If you have a USB-C cable plugged in it won't be able to show you the available balance or latest transactions though.

 

[boston04and07]

Nice, I would use this all the time. Now let’s get the Wallet app on the iPad and Mac!

 

[ersan191]

Is this comparable to like Mint, Simplifi, or Quicken?

It just gets the balance, not account history or anything - and presumably it will be much faster.

 

[CarAnalogy]

I would like to see the Wallet app show net worth in the app. Would discourage frivolous spending on the card and make debt front and center. Apple says they want the card to be no fees, and to their credit they make it more clear than any other card what you'll be charged and make it easy to pay. This would be a good thing.

 

[svish]

Definitely expecting this feature to come to the US real soon. But it will take some time before this is available in other regions.

 

[cyb3rdud3]

Starting with the iOS 17.1 beta released this week, iPhone users in the U.K. can add debit and credit cards from select banks in the country to the Wallet app and view their available balances and latest transactions for those accounts.

Apple calls this feature Connected Cards, and it's currently available in the U.K. only, but there is now evidence to suggest it will expand to the U.S. in the future.

As discovered by software researcher Aaron (@aaronp613), the following fine print is shown in the Wallet app when setting up the feature in the U.K.:Based on this fine print, MacRumors discovered a legal document on Apple's website explicitly mentioning that the Connected Cards feature will eventually be available to U.S. residents, with personal data to be processed by Apple Processing LLC:It's unclear when Connected Cards will launch in the U.S., or which banks will participate in the country. In the U.K., the feature relies on the country's open banking framework, but it's unclear how it would work stateside. Earlier this year, the U.S. Consumer Financial Protection Bureau said it expected to finalize an open banking rule in 2024.

https://twitter.com/i/web/status/1707956080628687258

Article Link: Apple Wallet's New Bank Account Feature Likely to Expand to U.S.

That is what you get when there is government policy supporting such initiatives. This is likely just utilizing the Open Banking initiative to enable competition in the marketplace. https://www.openbanking.org.uk/

Funnily enough, as an anecdote, whilst working for a US bank out there a few years ago which refused to support Apple Pay , a real open market like that has been running for many years very successfully in Russia, has allowed a beer brewer with good app developers to really enter the banking space.

Anyway, great to see Apple displaying this kind of awareness, I hope other jurisdictions in the world will have similar government bodies to make this possible. Australia and Asia are also taking a regulatory approach, so they'll be next. The US is taking a market led approach and looking at the fragmentation in the banking market as it is there currently, I wouldn't be holding my breath and expect this anytime soon.

 

[ramanjassal98]

Finally, UK customers get something first for once.

It’s probably happened before but I just thought I’d mention it on their behalf.

I think this is the second time ever the UK has had something before the US. The first being the 12 Days of Christmas App with free gifts (the US had it in it’s last year), anyone remember that? Major throwback haha

 

[Mr. Dee]

Most likely an iOS 18 feature by the time its approved state wide. My fear is, with the iPhone storing so much financial data, its gonna incentivize hackers and even brazen physical theft of iPhones even more. Hopefully Apple is thinking about this deeply.

 

[cyanite]

Most likely an iOS 18 feature by the time its approved state wide. My fear is, with the iPhone storing so much financial data, its gonna incentivize hackers and even brazen physical theft of iPhones even more. Hopefully Apple is thinking about this deeply.

Hackers would be more likely to hack a device so they can read off some balances? That’s about the least important information a hacker could use. Also,

You permit Apple (Apple Payments Services Ltd (UK) or Apple Processing LLC (US)) to consolidate your account information and provide it to you. We do not store or share this information.

 

[hagar]

Finally, UK customers get something first for once.

It’s probably happened before but I just thought I’d mention it on their behalf.

For once, let US customers wait 5 years for a single new feature.

And please, complain a lot. So Apple realises what kind of crap they make international users go through. All the time.

 

[Jeaz]

Well, this should be fairly easy to implement across EU with the PSD2 law in place, which means all banks needs to allow for a 3rd party to be able to access account (with account owners approval). Despite the UK leaving the EU, I’m fairly sure they had PSD2 in place and it’s probably how Apple has implemented this.

The main headache will be authentication as that’ll be very different between countries.

 

[cyb3rdud3]

Well, this should be fairly easy to implement across EU with the PSD2 law in place, which means all banks needs to allow for a 3rd party to be able to access account (with account owners approval). Despite the UK leaving the EU, I’m fairly sure they had PSD2 in place and it’s probably how Apple has implemented this.

The main headache will be authentication as that’ll be very different between countries.

Yup, as I linked to above. It just the open banking initiatives that are running in many data jurisdictions except for the USA as they take a market opposed to regulatory approach.

 

[Ashwee]

I can't see this happening anytime soon in the US, the US banking system is a nightmare. It's only because of the Open Banking framework in the UK that this even remotely happened.

 

[TechGod]

Well Australia has an Open Banking standard. When will we get this??

 

[markgpearse]

I’d like to see something in the wallet that shows how much Goldman Sachs has lost in their relationship with Apple

 

[kyjaotkb]

It just gets the balance, not account history or anything - and presumably it will be much faster.

No, it does show the account history, money coming in and out and the type of transaction (direct debit, cash, transfer…).

 

[JeMeCasse]

Open banking is a fantastic initiative. I use the Snoop app to see across all my accounts and it keeps track of when insurance, phone contracts etc are up for renewal. It even looks at where you shop and looks out for voucher codes. It's really useful.

 

[duncansby]

It just gets the balance, not account history or anything - and presumably it will be much faster.

Mine shows the previous month's transactions plus the option to show every transaction since I opened the account

 

[davie18]

Finally, UK customers get something first for once.

It’s probably happened before but I just thought I’d mention it on their behalf.

In fairness, we've always had way better availability of stuff like apple pay in the UK than in the US. I remember seeing announcements that certain places in the US would start accepting apple pay when basically 99% of places in the UK had accepted it for like years by that point.

 

[MuppetGate]

For once, let US customers wait 5 years for a single new feature.

And please, complain a lot. So Apple realises what kind of crap they make international users go through. All the time.

I think people forget that Apple has to navigate an assault course of financial regulatory hurdles for every country in which they operate.