Open banking payments are here 🎉

We’ve just made it easier for you to add money to your Booster pot.

Introducing Open Banking payments.

What’s new?

We’ve added a new Open Banking payment option for adding money to your Booster pot.

Please note that Open Banking is available for All iOS users right away. We’re rolling it for Android users these next couple of weeks and some Android users already should see the option in their app.

What is Open Banking?

Open Banking is a new regulation aimed at putting you in control of your own transaction data. It forces banks to ‘talk’ to one another to make transferring money between accounts easier for the end user.

At Tymit, we are rolling out a type of Open Banking called PIS (Payment Initiation Service), which allows you to make bank transfers without having to copy and paste account details/sort codes. You simply need to approve the transaction in the banking app you’re making the transfer from.

Is Open Banking better for adding money than using traditional bank transfers?

Yes! Open Banking payments are:

Instant.

Safer. The risk of fraud is much lower because you have to approve the transaction in Tymit’s app and also in your other banking app

Easier. No more copy and pasting account numbers and sort codes

How do I add funds to my Booster pot using Open Banking?


In your Tymit app, click the small blue button on the home screen and then click ‘Add money’ to get more credit limit.

Choose ‘Instant bank transfer’.

Select an amount to add.

Choose your bank from the list.

Click ‘connect with my bank’ at the bottom of this screen, which will take you to your bank’s app.

In your other bank’s app you will see some instructions to approve the transaction. After you have approved the transaction, you will come back into the Tymit app. You should then see your funds in your Booster pot!

Need help or have feedback?

Just let us know.

Team Tymit :blush:

7 Likes

Not sure if I should be excited

Meanwhile here I am with the same Android app that doesn’t work properly.

It needs opened and force closed twice to show any information, asks me to choose a plan for purchases that are already paid in full, instant notifications only sometimes show when it feels like it, most months my bill payments don’t show (last bill payment showing is June last year) and still no statement downloads or anything else promised in the last year apart from Google Pay.

Well done on being able to collect cash more efficiently though, good job :clap:

2 Likes

Is this just for booster, not for paying your bill?

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Can’t say I’m jumping up and down either. I really think the banking industry has oversold ‘open banking’. It seems very sexy to them, but whenever they hype up ‘the next big thing’ I know to take it with a truckload of salt these days. :yawning_face:

I can happily do without it, especially if it means companies like Tymit would spend the time fixing issues their customers really care about.

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The longer term benefit is that Tymit can stop paying debit card fees and hopefully pass that saving on or just have more money for development.

I agree that open banking hasn’t lived up to the hype, but that doesn’t mean it’s not a good thing and won’t get there eventually

Great news team Tymit!

Who did you integrate with to provide Open Banking out of interest?

PS: Hope this comes for additional payments beyond the direct debit of regular Tymit in future.

So it’s great that they did a thing but this has more utility for me in a bills payment scenario.

@jase TrueLayer

Also we will be bringing Openbanking as a bill payment method as well - just about to start working on it. :grimacing:

3 Likes

Awesome. A wide selection of banks!

That’s who Trading 212 use as well for payments. Got the integration with Starling Bank but @jase do you know why I have 2 integrations? One says TrueLayer and the other says pay with TrueLayer. Any idea why 2 separate integrations and not just one?

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I think looking at the documentation, TrueLayer have different API endpoints for payments and one for viewing account information perhaps.

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Ah that would make sense as T212 wanted to verify account details before they let me withdraw dividends.

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That makes sense. A service called Confirmation of Payee runs over the open banking network and they could have just used that authorisation.

A strange way of doing it as there shouldn’t be a need to deauthorise but if you are worried the connections could be misused, you can always remove authorisation and re-authorise again to see how each one displays to work out which is which :+1:

1 Like