Revolut launches Open Banking features

Revolut has launched Open Banking features, allowing its UK retail and business customers to connect their external UK bank accounts and see all of their balances and transactions in one app.

The new offering has been built in partnership with Application Programming Interface (API) connection platform TrueLayer.

Retail customers can now 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: “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 chief executive of TrueLayer, added: “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.”

Revolut has been authorised by the Financial Conduct Authority as an Account Information Service Provider (AISP) to securely use UK bank APIs to share the data stored in their bank account securely, without having to hand over their password.

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