Digital bank Revolut has utilized Open Banking APIs for the first time with a tie-in to Intuit QuickBooks, according to a note from Revolut.
This will be the first time that Revolut has collaborated with a third-party provider to use the advanced functionality of UK Government mandated Open Banking rules.
Revolut states that by connecting accounts with QuickBooks financial management software business owners are able to get close to real-time updates on their payments, expenses and cash balances. The immediacy of the information can help small businesses better manage their services.
Domenico De Fano, Product Owner at Revolut for Business said it is only natural to team up with QuickBooks as the worlds largest cloud accounting provider;
“… we also share the same customer-driven values,” said De Fano. “to deliver a best in class service through innovation. We understand the importance of accurate, secure and fast information to our customers, that’s why we invested the time to get the best connections in place with QuickBooks.”
Shaun Shirazian, Head of Product Europe for Intuit QuickBooks, added that ensuring that they can provide a best-in-class accounting solution through fully open APIs with Revolut is just the start of what they going to offer them through Open Banking.
“With cleaner and more robust banking data, coupled with the AI and machine learning capabilities within our software, we know that small businesses will be so much closer to mastering their company’s cash flow.”
Revolut provides digital bank services for both individuals and businesses. The Fintech continues to roll out new features while expanding its bank service into other countries.