Revolut, the London-headquartered challenger bank, has extended its open banking services for its customers in Ireland, allowing them to connect their third-party bank accounts with their Revolut account.
To bring this service, Revolut has partnered with TrueLayer, the startup which also landed across the Irish sea for the first time.
For now, the Irish users of Revolut can only add bank accounts with AIB, Permanent TSB, Ulster Bank, and Bank of Ireland, however, the two partners have plans to add support for more banks.
The business customers of the fintech firm can only connect their baning accounts with Permanent TSB and Ulster Bank.
Revolut has around 1 million customers in the Republic of Ireland all of whom can utilize the new services without any extra cost.
“We’re delighted to see that regulation that facilitates Open Banking is creating the potential to change our financial landscape for the better,” Joshua Fernandes, product owner for Open Banking at Revolut, commented.
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Revolut first launched the open banking feature last February only for its UK-based clients.
Note that for now, Revolut clients can only check their bank account balance and other transaction details from the financial application, along with some additional budgeting features.
The London-based startup also received permission from the Payment Initiation Services (PIS), meaning it can roll out services for its UK-customers to even initiate banking transactions directly from its application.
Rise of digital banks
Launched in 2015, Revolut became the UK’s most-valued fintech startup after raising $500 million earlier this year.
The company is also focusing on international services and now has services in Singapore, Australia, and the United States, apart from the United Kingdom and Ireland.
The platform is also preparing for the impact of Brexit on its European services and has moved 300,000 clients’ accounts to a Lithuania-licensed bank.