Leading UK-based digital bank Revolut has introduced a new Open Banking feature, which will allow users to view their bank accounts from other financial service providers from within the banking challenger’s app.
Revolut partnered with financial API developer TrueLayer to allow all of its retail and business clients to check balances and transactions performed from other traditional banks and neobanks. Revolut’s retail clients also have the option to set different budgeting controls and requirements for their Revolut and third-party accounts, allowing them better control over their finances.
Joshua Fernandes, product owner, Open Banking, at Revolut said that with the launch of the neobank’s new Open Banking feature, UK-based users would be able to easily view and manage several different external bank accounts, allowing 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.”
Francesco Simoneschi, CEO at TrueLayer, stated:
“Revolut has a huge, rapidly growing customer base that will now benefit from gaining a 360 view of their financial health. 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.”
Last month, Revolut introduced a new savings accounts for UK-based customers. The bank confirmed that the savings accounts will be available to Revolut Metal users who will be able to earn a 1.35% interest rate on deposits, which is notably one of the higher rates of returns in the market for accounts that allow withdrawals on demand.
The bank said that Savings Vaults are presently only available in British Pounds to Revolut Metal clients whose sole tax residency is in the UK. Metal accounts are Revolut’s main service provided through a £12.99 monthly subscription plan.