UK challenger bank Revolut has expanded its Open Banking service to another European country, with the company announcing today that it has launched the service in Italy.
Via the Revolut app, users in Italy can now connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to see all of their balances and transactions in one place.
The offering has been created via its partnership with TrueLayer, a provider of financial APIs. Via TrueLayer’s platform, account information from major Italian banks and challengers are integrated and updated quickly.
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Commenting on the launch in Italy, Joshua Fernandes, Product Owner for Open Banking at Revolut, said in the statement: “With the rollout of our Open Banking feature, our retail and business customers in Italy can now view and manage multiple Italian 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.
“We’re delighted to see that regulation that facilitates Open Banking is creating the potential to change our financial landscape for the better, and I’m proud that Revolut and TrueLayer are at the forefront of this experience.”
Revolut Plans to Add More Italian Banks
The Open Banking feature is free for all customers of Revolut. In the near future, the fintech company is planning on including additional banks to the service in Italy.
“We’re delighted that our partnership with Revolut is continuing at pace with rollouts to support Open Banking taking place across Europe,” Francesco Simoneschi, co-Founder and CEO of TrueLayer, commented in the statement.
“I’ve been particularly looking forward to our launch with Revolut into Italy because I know that there is a huge opportunity for Open Banking and PSD2 to bring much needed innovation to the traditional financial sector in my home country. I’m certain that the Open Banking products we’re supporting Revolut to develop will be incredibly popular in Italy.”