Ahead of Open Banking, Barclays Partners with UK Fintech Flux

For 10,000 of Barclay’s UK customers, parsing monthly bank card transaction histories is about to get a lot simpler, and nearly instantaneous.

London startup Flux, founded by employees early at challenger bank Revolut, announced its partnership with Barclays for a trial of its itemized receipt technology with a portion of the bank’s customers.

Using the startup’s software platform, the information captured by a merchant’s point-of-sale system directly populates in your banking statement or your mobile banking app—for each transaction, you’ll be able to see exactly where you spent your money, broken down by individual items. No more ambiguous references to transactions you don’t remember.

For now, this functionality of viewing a digital itemized breakdown of your purchases is only available when you spend at one of Flux’s partner merchants. To date, this includes all 111 EAT stores in the U.K. and Bel-Air.

Trial participants will receive their receipts in real time via the Barclays Launchpad app. If Barclays considers the pilot a success, TechCrunch reports it could be rolled out to the 5 million customers already using the Barclays Mobile Banking App.

This partnership comes after the fintech startup matured through the Barclays Accelerator powered by Techstars earlier this year. While the startup has also integrated with neobank Starling and has a small pilot in process with Monzo, this marks Barclays’ first formal partnership with and technology adoption of one of the fintechs to pass through its accelerator.

This endeavor to partner with a fintech mirrors the strategy of other large banks in Europe as they prepare for the regulation that will accompany Open Banking laws at the start of 2018. Recently, HSBC partnered with fintech platform plug-in Bud to develop new services for customers ahead of the new year.

In conjunction with preparation for new regulation, Barclays is also likely looking to boost its customer service and reputation. At the end of October, Barclays saw stock fall about 7 percent, losing $2.6 billion of the company’s value overnight, reports American Banker. Barclays shares are also down 17 percent over the last year.

Cadence is a fintech reporter and writer at Fintech Unltd, where she covers the changing landscape of financial technologies. Previously, Cadence interned at Psychology Today, Business Insider and the Wisconsin State Journal. Cadence is interested in how science and technology intersect with power and culture and is curious about the world we are creating for tomorrow, consciously or not. She graduated from the University of Wisconsin–Madison in 2017 with degrees in Journalism and Chinese. Send tips and story ideas to Cadence at [email protected] You can also follow her on Twitter @cadencebambenek.