Revolut is launching open banking for all of its UK retail and business customers.
As a result, Revolut UK customers can now connect their external UK bank accounts to Revolut. This means that they are able to see all of their balances and transactions in one single app.
Go deeper with GlobalData
Moreover, customers can track their spending and set budgeting controls for their Revolut and external bank accounts.
In addition, once a customer has added their chosen bank details, the process is automatic and secure.
Accordingly, customers gain greater control over their entire financial lives.
Currently, external bank account numbers, balances and transaction histories sit solely with a customer or business’ individual bank.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFor instance, the only way to see these details regularly is through accessing multiple bank websites or apps.
Consequently, customers potentially have reduced visibility into these details.
Revolut’s new Open Banking offering has been built in partnership with 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 is 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.
Revolut open banking: changing the financial landscape
Joshua Fernandes, Product Owner, Open Banking, Revolut, says:”UK customers can now view and manage multiple external bank accounts.
This enables them to interpret their day to day spending across all of their accounts. And there is the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient. We’re delighted to see that new legislation such as Open Banking is changing our financial landscape for the better. I’m proud that Revolut and TrueLayer are at the forefront of this experience.”
Francesco Simoneschi, co-founder, CEO of TrueLayer, adds: “Revolut has a huge, rapidly growing customer base. That will now benefit from gaining a 360 degree view of their financial health. This is exciting because for years, people haven’t been getting enough value from traditional banks. They are 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. They are changing the status quo, and using our technology to help deliver more value and better experiences to customers.”
