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Revolut launches Open Banking for UK retail, business with TrueLayer

FinTech Revolut is launching an Open Banking feature to allow retail and business customers in the UK to connect external accounts to the app, making it possible to see all balances and transactions in one place.

Revolut's Open Banking dashboard

Revolut’s Open Banking dashboard

The offering has been built in partnership with financial API provider TrueLayer, whose platform will ensure that account information from both major UK banks and challengers is integrated and updated securely and quickly.

External bank account details, including account numbers, balances and transaction histories, are currently only available in individual apps. With the Open Banking feature, Revolut aims to increase the visibility of details by removing the need to access multiple websites and apps regularly.

In order to be able to access the UK bank APIs, Revolut has received authorisation from the Financial Conduct Authority, the UK regulator, to become an Account Information Service Provider (AISP). This allows customers and businesses to share the data stored in their bank account without having to hand over any passwords. Once customers have added their chosen external bank details to Revolut, the process is automatic.

Joshua Fernandes, Product Owner for Open Banking at Revolut, said Open Banking will enable customers to interpret 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,” Fernandes said.

The app will now feature Revolut balances and transactions alongside external bank account transactions, and retail customers can set budgeting controls for their Revolut and external accounts.

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.”

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