Apple has introduced a new feature in its iOS 17.4 update that allows users of Apple Card, Apple Cash, and Apple's Savings account to easily monitor their transactions and balances. According to TechCrunch, this update enables third-party budgeting apps to automatically fetch transaction information from Apple’s financial products through the FinanceKit API.
Budget management apps like YNAB, Monarch, and Copilot are among the first to incorporate this feature, which users will need to activate within each app. Once enabled, YNAB explains that transactions will be automatically updated whenever the app is opened or even when it's running in the background.
Apple Card, launched in 2019, is a credit card offered by Apple, while Apple Cash functions as a digital debit card within the Apple Wallet. It allows users to send and receive money through iMessage and make purchases using Apple Pay. The Apple Savings account offers a place for users to earn interest on their Apple Card cashback rewards and save additional funds.
This automatic transaction import feature is currently available only in the US, where Apple’s financial services are offered. It is separate from another initiative in the UK that lets Apple Wallet display transactions and balances from select third-party banks.
Additionally, the iOS 17.4 update introduces other financial functionalities, particularly for users in the European Economic Area. It grants third-party developers access to the iPhone's NFC capabilities for contactless payments, a move prompted by an antitrust investigation by the European Union.
The update also aligns with the EU’s Digital Markets Act, supporting third-party app stores on Apple devices.
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