Revolut has launched Open Banking for all UK retail and business customers. The new Open Banking feature allows UK customers to connect their external UK bank accounts to Revolut, making it possible to see all of their balances and transactions in one single app.
Currently, external bank account details like account numbers, balances and transaction histories sit solely with a customer or business’ individual bank. As a result, customers potentially have reduced visibility into these details, as the only way to see these details regularly is through accessing multiple bank websites or apps.
Revolut’s new Open Banking offering has been built in partnership with leading provider of financial APIs TrueLayer. Using TrueLayer’s platform ensures account information from major UK banks and challengers is quickly and securely integrated and updated.
Revolut’s goal has always been to help people manage their financial life in a quick, easy and convenient manner. Having to switch between different apps is inconvenient, especially when many people and businesses have multiple accounts.
With Open Banking, retail and business customers can now connect their external bank accounts to Revolut, and see everything in one place, such as Revolut balances and transactions alongside external bank account transactions, all within the Revolut app. In addition, retail customers can set budgeting controls for their Revolut and external accounts, giving them greater control over their entire financial lives.
Joshua Fernandes, Product Owner for Open Banking at Revolut said, “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. 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.”
Francesco Simoneschi, co-Founder and CEO of TrueLayer said, “Revolut has a huge, rapidly growing customer base that will now benefit from gaining a 360 view of their financial health. 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.”
Revolut has been authorised by the UK regulator, the Financial Conduct Authority, as an Account Information Service Provider (AISP) to securely use UK bank APIs (Application Program Interface), which allow customers and businesses to share the data stored in their bank account safely and securely, without having to hand over their password. Once customers have added their chosen external bank details to Revolut, the process is automatic.
If they have access to the external bank’s app, Revolut will communicate with that app, before bringing the required information back into Revolut. If a customer or business does not have the 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, so it’s completely secure.