By Aisling Finn on 11th February 2020
Customers will be able to set budgeting targets for their external bank accounts.
Digital banking challenger bank Revolut has launched Open Banking for all of its retail and business customers.
The new feature will allow its customers to connect their external bank accounts to the Revolut app, meaning they will be able to see all of their transactions and balances in one place.
Customers will also be able to track their spending and set budgeting controls for their external bank accounts within the Revolut app, a step that could potentially push legacy banks towards updating their own banking apps.
Making Open Banking available to all of its business and retail customers will help make Revolut more attractive to consumers who could be more likely to have their main bank accounts elsewhere.
The platform has been built in partnership with TrueLayer, a provider of financial APIs.
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.
“New legislation such as Open Banking is changing our financial landscape for the better.”
Francesco Simoneschi, co-founder and CEO of TrueLayer, added: “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.
“We’re thrilled to be working with challengers like Revolut who are changing the status quo, and using our technology to help deliver more value and better experiences to customers.”