Commonwealth Bank of Australia and Barclays have joined forces in a technology partnership that links their respective payment app to enable their customers to send funds to each other. 

Consumers who use Commonwealth Bank of Australia's CommBank app and Barclays’ Pingit will be able to send funds to each other with just a phone number beginning in the fourth quarter, according to joint press release from the companies. 

The banks said the partnership, which acknowledges the ever increasing importance of technology at the heart of global retail banking, is an example of how both banks are working hard to drive innovation for the benefit of their respective customers.

"Technology is transforming the financial services industry and fundamentally changing what our customers and clients want and need from us," Paul Compton, Barclays Group COO, said in a statement. "Today’s announcement marks the first time our Pingit app has allowed two-way cross border payments, enabling our customers to send and receive money to and from Australia quickly, easily and securely."