United Kingdom-based challenger bank Revolut announced this Tuesday that it has launched an Open Banking feature, which will allow its UK customers to see their bank accounts from other providers from within the Revolut app.
The new feature has been launched in partnership with TrueLayer, a provider of financial APIs. Under the collaboration, all of Revolut’s retail and business customers can now see their balances and transactions from other banks.
Commenting on the product launch, Joshua Fernandes, product owner, Open Banking, Revolut, said in a statement: “With the launch of our new Open Banking feature, 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, with the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient for our customers.”
Revolut made its Open Banking feature available for Beta testing towards the end of November last year. As explained by the fintech company, Open Banking gives consumers more control over their bank accounts by being able to share their transaction data with other banks and third parties.
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“Revolut has a huge, rapidly growing customer base that will now benefit from gaining a 360 view of their financial health,” added Francesco Simoneschi, CEO, TrueLayer in the statement.
“This is exciting because 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.”
Revolut has been actively expanding its offering. As Finance Magnates reported, the fintech launched British pound (GBP) Direct Debits for all customers located in the European Economic Area (EEA) with local UK account details.