Investment manager Parmenion enables mobile money transfers with Barclays Pingit app

Matthew Finnegan

Investment management firm Parmenion has enabled customers to pay into their accounts using mobile devices with the roll-out of Barclays Pingit app.

UK based investment provider Parmenion works with around 2,100 financial advisers, and has over £925 million in assets under management. The firm is the first in its industry to offer the Pingit app to customers.

The app provides Parmenion clients with a "quick, easy and secure way" for making investment account deposits, using the Faster Payments systems. The app is free to use for anyone with a UK mobile number and bank account.

"As the end of the financial year approaches, many investors look to make further deposits into their ISA accounts," said Patrick Ingram, head of corporate relationships at Parmenion.

"Advisers working with us will be able to offer their clients an innovative payment option that is not only quick and easy but also convenient to use."

Barclays has increased the functionality of its Pingit app for businesses since its launch in 2012, having initially been aimed at person-to-person payments.

Severn Trent Water became the first utility company to allow customers to make payments by scanning the QR code on their bill via the Pingit app.

Last month the financial services arm of car manufacturing giant Toyota announced it would let customers make additional payments on their car plans using Pingit, while holiday TUI Travel's Specialist Holidays Group (SHG) business has recently enabled consumers to pay for holidays through the app.