United Kingdom-based challenger financial institution Revolut introduced this Tuesday that it has launched an Open Banking function, which is able to enable its UK prospects to see their financial institution accounts from different suppliers from throughout the Revolut app.
The brand new function has been launched in partnership with TrueLayer, a supplier of economic APIs. Beneath the collaboration, all of Revolut’s retail and enterprise prospects can now see their balances and transactions from different banks.
Commenting on the product launch, Joshua Fernandes, product proprietor, Open Banking, Revolut, stated in an announcement: “With the launch of our new Open Banking function, UK prospects can now view and handle a number of exterior financial institution accounts, enabling them to interpret their daily spending throughout all of their accounts, with the additional benefit of constructing our providing much more related, user-friendly, quicker and extra cost-efficient for our prospects.”
Revolut made its Open Banking function obtainable for Beta testing in the direction of the top of November final yr. As defined by the fintech firm, Open Banking provides shoppers extra management over their financial institution accounts by with the ability to share their transaction information with different banks and third events.
“Revolut has an enormous, quickly rising buyer base that may now profit from gaining a 360 view of their monetary well being,” added Francesco Simoneschi, CEO, TrueLayer within the assertion.
“That is thrilling as a result of for years, individuals haven’t been getting sufficient worth from conventional banks – paying greater than they need to on curiosity and never benefiting from a unified view of their funds.”
Revolut has been actively increasing its providing. As Finance Magnates reported, the fintech launched British pound (GBP) Direct Debits for all prospects positioned within the European Financial Space (EEA) with native UK account particulars.
Previous to this announcement, the corporate revealed that it had formally launched in Singapore and expanded its partnership with Visa to permit it to broaden into an extra 24 new markets.