Revolut Launches Open Banking Services to More Than One Million Irish Retail & Business Customers

 

Digital bank Revolut announced on Wednesday the launch of Open Banking for its more than one million retail and business customers in Ireland. According to Revolut, the new Open Banking feature allows retail customers in Ireland to connect their AIB, Permanent TSB, Ulster Bank, and Bank of Ireland bank accounts to Revolut, making it possible to see all of their balances and transactions in one app. 

“Currently, a customer can only access their Irish bank accounts’ details such as account numbers, balances and transaction histories through that bank’s own online banking service or app. As a result, customers potentially have reduced visibility of this information, as the only way to see this information regularly is through accessing multiple bank websites or apps.”

Revolut further revealed its new Open Banking offering has been built in partnership with provider of financial APIs TrueLayer. The digital bank noted that using TrueLayer’s platform ensures account information from major Irish banks and challengers is quickly and securely integrated and updated. The collaboration also marks TrueLayer’s launch into the Republic of Ireland. 

“Revolut’s goal has always been to help people manage their financial life in a quick, easy and convenient manner. Having to switch between different apps is inconvenient, especially when many people and businesses have multiple accounts.”

Joshua Fernandes, Product Owner for Open Banking at Revolut, spoke about the launch by stating with the Open Banking feature rollout, the Revolute retail and business customers in Ireland will now view and manage multiple Irish bank accounts, which will enable them to interpret their day to day spending across all accounts. Francesco Simoneschi, co-Founder and CEO of TrueLayer, added: 

“Our Open Banking platform will provide Revolut’s customers with a much more comprehensive view of their finances, allowing them to exert greater control and oversight. This is the start of a great partnership with Revolut in Ireland and we’re looking forward to supporting them with their quest to build more high value and enhanced customer experiences.”

The launch of the open banking feature in Ireland comes just weeks after Revolut launched its new financial app version, which was considered the latest step in the finch’s journey to becoming a financial super app.

“While Revolut originally started out to make travelling abroad 10x more convenient and affordable for everyone, the fast-growing fintech has been rapidly expanding it’s offering and is now strategically investing in products and experiences that bring even greater value to over 12 million customers, everyday.”

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