Revolut launches open banking for all UK retail and business customers
Revolut has launched its 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 offering has been built in partnership with TrueLayer. Using TrueLayer’s platform ensures account information from major UK banks and challengers is quickly and securely integrated and updated.
Aside from viewing all other bank accounts, retail customers can also set budgeting controls for their Revolut and external accounts, giving them greater control over their entire financial lives.
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.
Joshua Fernandes, product owner for open banking at Revolut, says: “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.”
Francesco Simoneschi, co-Founder and CEO of TrueLayer, adds:”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.
Related:How fintech is helping UK savers