With the iOS 17.4 update, Apple has added a feature that makes it simple for owners of Apple Card, Apple Cash, and Apple’s Savings account to keep an eye on their balances and activities. TechCrunch claims that this update makes it possible for outside budgeting applications to use the FinanceKit API to automatically retrieve transaction data from Apple’s financial products.
The first applications with this capability are budget management apps, such as YNAB, Monarch, and Copilot. Users will need to enable it within each app. Transactions will be automatically updated every time the app is used, even while it is running in the background, according to YNAB, once it is activated.
2019 saw the release of Apple Card, a credit card from the company, and Apple Cash, a virtual debit card that can be used inside the Apple Wallet. It enables customers to utilize Apple Pay to make purchases and send and receive money using iMessage. Users may save more money and earn interest on their Apple Card cashback rewards with the Apple Savings account.
As of right now, Apple’s financial services are only accessible in the US via this automated transaction import capability. It is not to be confused with another UK effort that permits Apple Wallet to show balances and transactions from a limited number of third-party banks.
Other financial features are also introduced with the iOS 17.4 release, especially for customers in the European Economic Area. A European Union antitrust inquiry triggered the decision to open up the iPhone’s NFC capabilities for contactless payments to third-party developers.
Important Note :
The update supports third-party app stores for Apple devices and is compliant with the EU’s Digital Markets Act.