UK retail and business customers can now connect their bank accounts to Revolut, allowing them to see all of their balances and transactions inside the challenger bank’s app.
- The new Open Banking means Revolut customers can track their spending and set budgeting controls across all their bank accounts, giving them greater visibility and control over their finances.
- Revolut’s Open Banking was developed in partnership with TrueLayer, a provider of banking APIs.
- TrueLayer works with account information from major UK banks and challengers to keep them updated and secure.
“With the launch of our new Open Banking feature, UK customers can now view and manage multiple external bank accounts, enabling them to interpret their day to day spending across all of their accounts, with the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient for our customers,” said Joshua Fernandes, product owner for Open Banking at Revolut. “We’re delighted to see that new legislation such as Open Banking is changing our financial landscape for the better, and I’m proud that Revolut and TrueLayer are at the forefront of this experience.”
Revolut has been authorized by UK regulator, the Financial Conduct Authority, as an Account Information Service Provider (AISP) to securely use UK bank APIs.
- Once customers have added their chosen external bank details to Revolut, the process is automatic.
- Revolut will communicate with customers’ apps they’ve permissioned, before bringing the required information back into Revolut.
- If a customer or business does not have the third party bank’s app, they will be asked to log into the external bank’s website.
- At no point in this process does Revolut have access to a customer’s credentials.
“Revolut has a huge, rapidly growing customer base that will now benefit from gaining a 360 view of their financial health,” said Francesco Simoneschi, co-founder and CEO of TrueLayer.
“This is exciting because for years, people haven’t been getting enough value from traditional banks – paying more than they should on interest and not benefiting from a unified view of their finances. We’re thrilled to be working with challengers like Revolut who are changing the status quo, and using our technology to help deliver more value and better experiences to customers.”