Revolut Extends Open Banking Service, Launches in Italy

UK challenger financial institution Revolut has expanded its Open Banking service to a different European nation, with the corporate saying as we speak that it has launched the service in Italy.

By way of the Revolut app, customers in Italy can now join their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane financial institution accounts to see all of their balances and transactions in a single place.

As Finance Magnates reported, Revolut has been increasing its Open Banking service throughout Europe, after its launch in February. Not too long ago, the UK fintech launched the service in France and in Eire.

The providing has been created by way of its partnership with TrueLayer, a supplier of monetary APIs. By way of TrueLayer’s platform, account info from main Italian banks and challengers are built-in and up to date rapidly.

Commenting on the launch in Italy, Joshua Fernandes, Product Proprietor for Open Banking at Revolut, mentioned within the assertion: “With the rollout of our Open Banking characteristic, our retail and enterprise prospects in Italy can now view and handle a number of Italian financial institution accounts, enabling them to interpret their everyday spending throughout all of their accounts, with the additional benefit of constructing our providing much more related, user-friendly, sooner and extra cost-efficient for our prospects.

“We’re delighted to see that regulation that facilitates Open Banking is creating the potential to vary our monetary panorama for the higher, and I’m proud that Revolut and TrueLayer are on the forefront of this expertise.”

Revolut Plans to Add Extra Italian Banks

The Open Banking characteristic is free for all prospects of Revolut. Within the close to future, the fintech firm is planning on together with extra banks to the service in Italy.

“We’re delighted that our partnership with Revolut is continuous at tempo with rollouts to help Open Banking happening throughout Europe,” Francesco Simoneschi, co-Founder and CEO of TrueLayer, commented within the assertion.

“I’ve been notably trying ahead to our launch with Revolut into Italy as a result of I do know that there’s a big alternative for Open Banking and PSD2 to deliver a lot wanted innovation to the standard monetary sector in my house nation. I’m sure that the Open Banking merchandise we’re supporting Revolut to develop might be extremely common in Italy.”

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