Home Business NewsBusinessBanking News Revolut launches Open Banking in Ireland

Revolut launches Open Banking in Ireland

by Peter Smyth Tech Journalist
18th Jun 20 5:52 am

Revolut has today announced the launch of Open Banking for its over 1m retail and business customers in Ireland.

The new Open Banking feature allows Revolut retail customers in Ireland to connect their AIB, Permanent TSB, Ulster Bank, and Bank of Ireland bank accounts to Revolut, making it possible to see all of their balances and transactions in one single app.

Currently, a customer can only access their Irish bank accounts’ details such as account numbers, balances and transaction histories through that bank’s own online banking service or app. As a result, customers potentially have reduced visibility of this information, as the only way to see this information 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 Irish banks and challengers is quickly and securely integrated and updated. The collaboration also marks TrueLayer’s launch into the Republic of Ireland.

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, over 1m of Revolut’s retail and business customers can now connect their bank accounts to Revolut, and see everything in one place, such as Revolut balances and transactions alongside bank account transactions, all within the Revolut app.

In addition, retail customers can set budgeting controls for their Revolut account and have a full picture of their spending on their non-Revolut account, giving them greater control over their entire financial lives. In the near future, Revolut plans to allow Irish customers to add money to Revolut via open banking.

The Open Banking feature is free to all Revolut customers – as is paying for goods or services via contactless, chip & PIN or online; topping up your Revolut account; transferring Euros from an Irish Revolut account to other EU bank accounts; and transferring money to friends on Revolut.

Joshua Fernandes, Product Owner for Open Banking at Revolut, said, “With the rollout of our Open Banking feature, our retail and business customers in Ireland can now view and manage multiple Irish 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 regulation that facilitates Open Banking is creating the potential to change 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, “We’re delighted to officially launch TrueLayer in the Republic of Ireland and work with Revolut as our launch partner.

“Our Open Banking platform will provide Revolut’s customers with a much more comprehensive view of their finances, allowing them to exert greater control and oversight.

“This is the start of a great partnership with Revolut in Ireland and we’re looking forward to supporting them with their quest to build more high value and enhanced customer experiences. TrueLayer’s mission in Ireland is to provide fundamental support to its world renowned tech industry as it moves towards embracing Open Banking.”

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