Using Open Banking to enabled account aggregation
Lydia is leading the charge when it comes to mobile money management in France – helping its users control their finances in one app, while sending and receiving money with ease. Lydia has a 25% market share among French millennials, processes €250 million in transactions each month and gains more than 5,000 new users to the app every day.
Lydia users can lend €100 to €1,500. The money is instantly credited to their Lydia account. Users can send, wire or spend that money right away in any store or on the Internet.
What's the Open Banking use case?
In the app, you can connect your bank accounts via Open Banking and view the most recent transactions. This feature is important if you want to become the go-to financial app on your users’ home screen.
As for payment initiation, as the name suggests, it lets you start a SEPA bank transfer from a third-party service. For instance, you can transfer money from your bank account to your Lydia wallet directly in the Lydia app. You also can move money between multiple bank accounts from Lydia.
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