The newly added APIs will allow banks to introduce more modern payment processing and KYC capabilities. Specifically, they will allow more effective on-boarding of new card accounts, faster transferring of funds between accounts, device administration and management, and ease the process involved in transitioning physical cards into virtual wallets. With these new functions in place, banks will be able to offer their customers a better user experience and increased security when using their cards. These increased capabilities will be paramount for banks both now and in the future.

Commenting on the launch of the update, Hans Tesselaar, Executive Director of BIAN said: “We’re very pleased to announce the new additions made to our API Exchange. The team has continued working hard after the portal launched last October to develop new definitions designed to address the pressing business challenges banks are facing currently. We remain on target with our goal to create an accessible repository of high quality APIs and Microservices, to help banks modernise quickly and more cost effectively.”

Customers are increasingly favouring digital first experiences in banking, with 22 percent of consumers using mobile apps or online banking more than ten times a month. This is compared to only 2 percent of consumers who claim they visit the physical branch in the same frequency. The changing needs of the consumer, combined with competition from challenger banks, and the rise of fraud across the industry means the adoption of more modern services to address these changes is becoming increasingly critical.

The alerts can let users know when they receive money from a friend or contact, when refunds are credited or when standing orders or bills leave their accounts.

New pilots are also being tested that use machine learning software to alert the bank's nine million mobile customers when a regular bill is higher than usual or when they are charged for the first time on a card subscription.

Later this year, customers will also be able to use these alerts to show how much they will have left to spend each month after regular bills, as well as when they are due to leave the account.

Stephen Noakes, Retail Transformation Director, Lloyds Banking Group, says: “These latest features have been designed around things that our customers tell us make mobile banking better for them, helping track their account activity and creating opportunities to save.

“We are working hard behind the scenes in our technology labs, constantly testing out innovative new ideas to create more choice and control for customers.”

From this month Lloyds, Halifax and Bank of Scotland customers will also be able to register to a Save the Change service on mobile apps, rounding up debit card spending to the nearest pound and depositing the excess into a savings account

Customers can sign up for Save the Change in a branch or through internet banking, with almost a million registrations since it was launched.