The open banking feature will allow customers to connect other bank accounts to the Revolut app to see all of their financial details in one place.
Today (17 June), fintech player Revolut announced the launch of an open banking feature for its 1m retail and business customers in Ireland.
It will allow Revolut users to connect their AIB, Permanent TSB, Ulster Bank and Bank of Ireland bank accounts to their Revolut app, making it possible to see all of their balances and transactions in one place.
Currently, many Irish banking customers can only access their bank account details – such as account numbers, balances and transaction histories – through that bank’s own online banking service or app.
‘Changing the financial landscape’
Revolut has built its new open banking feature in partnership with financial API provider TrueLayer. According to Revolut, TrueLayer’s technology ensures that account information from Irish banks is quickly and securely integrated and updated.
TrueLayer’s technology is also used in fintech app Olivia, which was featured in our Start-up of the Week series. Like Revolut, Olivia consolidates details from a user’s bank accounts by taking advantage of open banking regulations.
Revolut will now support open banking for retail customers with AIB, Permanent TSB, Ulster Bank and Bank of Ireland accounts, while Revolut Business customers can link to Permanent TSB and Ulster Bank accounts. The company has plans to include additional banks from Ireland and the UK in the future.
Joshua Fernandes, product owner for open banking at Revolut, said: “With the roll-out 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 user accounts.”
Fernandes added that open banking regulations have the potential to “change our financial landscape for the better”.
TrueLayer co-founder and CEO Francesco Simonsechi said: “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.”