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17
Jun

Revolut unveils open banking feature for retail and business customers in Ireland

From: FinTech Global

Neobank Revolut boasts having over one million retail and business customers who can from now on enjoy the FinTech unicorn’s new open banking feature.

Through the new feature, Revolut’s retail and business customers in Ireland can see the balances on all their different accounts at different banks in one place, instead of having to go on to each individual bank’s digital platform.

Moreover, users will also be able to 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. The bank also plans to soon enable Irish customers to add money to Revolut via open banking.

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.”

Provider of financial APIs TrueLayer helped Revolut develop its new offering. The challenger bank said that 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.

“We’re delighted to officially launch TrueLayer in the Republic of Ireland and work with Revolut as our launch partner,” said Francesco Simoneschi, co-founder and CEO of TrueLayer. “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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