Revolut launches open banking in Ireland with the help of TrueLayer

Revolut has today extended its open banking-backed account aggregation feature for its 1m Irish customers.

The digital banking service now supports account aggregation from a host of Irish banks, including AIB, Ulster Bank, Permanent TSB and Bank of Ireland.

Revolut’s new service was built with the help of TrueLayer’s financial API, which allows account information from Irish banks to be quickly and securely integrated.

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.”

Revolut also added that it hopes to add more bank accounts, both in Ireland and the UK, in the near future.

Francesco Simoneschi, co-Founder and CEO of TrueLayer, said: “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.”

“TrueLayer's mission in Ireland is to provide fundamental support to its world-renowned tech industry as it moves towards embracing Open Banking."

Despite the huge growth in Ireland, Revolut has not been immune to the coronavirus-related strain.

In mid-April, it was revealed that Revolut co-founders Vlad Yatsenko and Nikolay Storonsky would sacrifice their salaries entirely and top executives would receive pay cuts to ensure their staff still received their salaries. 

Even more recently, the fintech slimmed down its employee numbers, shedding around 110 employees across its offices in Europe.

The banking service also finally launched as a bank in Lithuania, after receiving its European Banking licence from the Bank of Lithuania in late 2018.