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Paul Riseborough, chief commercial officer, Metro Bank

London-based Metro Bank has introduced the feature of international payments on its mobile application for individuals as well as corporate customers.

The service allows customers to make same-day SWIFT and next-day Single Euro Payments Area (SEPA) payments in Euros, US dollars and GBP sterling across more than 38 countries.

“We’re always looking for new ways to make our customers’ lives easier. Whether you want to send money to your loved ones back home or pay an overseas supplier, you can now do it with a simple tap of the app,” said Paul Riseborough, chief commercial officer, Metro Bank.

Customers can create new payee by entering the payee’s IBAN to automatically generate the SWIFT BIC Code or simply input their account number. They can also choose to cover the charges themselves or allow the payee to do so.

The move follows the bank’s recent launch of its in-app AI-powered money management tool Insights for retail customers.

“Our integrated, frictionless model – stores, online, mobile and phone – combined with superior service is a winning formula for our customers. We have continued to invest in our mobile services and have harnessed the power of Artificial Intelligence with the launch of our new Insights tool,” Craig Donaldson, chief executive officer, Metro Bank said while announcing the second quarter results.

“We’re working currently with 19 fintech companies across a number of different API integrations, and we’ve just launched our new artificial intelligence-led money management tool on our mobile app for personal customers. It’s been unbelievably positively accepted. We’ve currently only turned on about a quarter of the opportunities that are in there. And as we build this out, we’ll launch it next year for business customers as well,” Donaldson added.

The bank has over 1.5 million customers, increasing the total by 303,000 over the nine months to 30 September 2018, and up by 102,000 in the quarter.

by Parnika Sokhi
Senior Regional Correspondent (India, Middle East & ASEAN) You can reach her at parnikas@ibsintelligence.com
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