The app aims to bring together all the key banking services into one digital platform that can be securely accessed through a smartphone.

As well as moving money between accounts, iBAN also integrates a P2P crowdlending platform, whereby users can fund loan requests from other users and negotiate their own rates of interest.

Marc Hurr, co-founder and chief technology officer at iBAN (pictured above), said that it knew it wasn’t going to replace existing current accounts straightaway, so it made it possible for iBAN users to manage their existing accounts through the platform.

“There’s no reason we can’t replace everything banks do with technology, creating a decentralised banking system that will be fairer and more stable.

“We take great care with our investments, only putting money into projects that can provide both social benefits and make a return. 

“That way, our customers know their money is going to good use and is earning a competitive rate of interest.”

In the future, iBAN plans to offer loan agreements in the form of smart contacts which use blockchain technology.

Marc added that with regards to savings and loans, banks earned huge profits as middlemen.

“That’s the business model we are aiming to disrupt. 

“Crowdlending can offer better rates and terms for both savers and borrowers.”

The company expects the majority of its customers to be millennials and generation Z; younger people who are more comfortable with technology, but who feel let down by the existing banking system.

“I believe millennials and Gen Z, in particular, feel that the financial system is rigged against them,” concluded Marc. 

“They don’t have the same financial security their parents enjoyed and many of them may never own their own property.”

iBan has already received over £100m in loan requests from six countries around the world.

iBAN Online Limited is an appointed representative of Resolution Compliance Limited, which is authorised and regulated by the Financial Conduct Authority (no. 574048)