Revolut has launched open banking for all of its UK retail and business customers allowing them to share data across various financial providers.
The digital bank has today launched its new open banking offering in partnership with TrueLayer after the concept was first introduced in the UK two years ago.
Retailers using Revolut will now be able to connect all their external bank accounts to its platform, allowing them to view all their balances and transactions in a single app.
“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,” Revolut’s Joshua Fernandes said.
“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 True Layer are at the forefront of this experience.”
Customers can also track their spending and set budgeting controls for each bank account.
TrueLayer’s chief executive Francesco Simoneschi added: “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.”