Revolut launches Open Banking for all business and retail customers

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.”

Recently Revolut has taken steps to further secure its place as one of the UK’s leading challenger banks such as launching a savings product for its premium users.

The step towards Open Banking could be an effort from Revolut to reduce their annual losses, which equalled £32.8m in 2019, and draw in more customers to use Revolut as their primary bank account.