Revolut has announced the launch of Open Banking for its over 400.000 retail and business customers in Italy.
The new Open Banking feature allows Revolut customers in Italy to connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to Revolut, making it possible to see all of their balances and transactions in one single app.
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Currently, most customers can only access their Italian 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.
Alliance with TrueLayer
Revolut’s new Open Banking offering has been built in partnership with financial APIs provider TrueLayer. Using TrueLayer’s platform ensures account information from major Italian banks and challengers is quickly and securely integrated and updated.
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.
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By GlobalDataOpen Banking will enable Revolut’s retail and business customers to connect their bank accounts to Revolut, and see everything in one place, such as Revolut balances and transactions alongside bank account transactions, all within the Revolut app.
In addition, retail customers can set budgeting controls for their Revolut account and have a full picture of their spending on their non-Revolut account, giving them greater control over their entire financial lives.
Soon, Revolut plans to allow Italian customers to add money to Revolut via open banking and will also include more Italian banks as well as the possibility to connect foreign bank accounts.
A free service for Revolut customers
The Open Banking feature is free to all Revolut customers – as is paying for goods or services via contactless, chip & PIN or online; topping up your Revolut account; transferring Euros from an Irish Revolut account to other EU bank accounts; and transferring money to friends on Revolut.
“We’re delighted to see that regulation that facilitates Open Banking is creating the potential to change our financial landscape for the better, and I’m proud that Revolut and TrueLayer are at the forefront of this experience,” said Joshua Fernandes, Product Owner for Open Banking at Revolut.
Francesco Simoneschi, co-Founder and CEO of TrueLayer, said: “I’m certain that the Open Banking products we’re supporting Revolut to develop will be incredibly popular in Italy.”
Revolut currently supports Open Banking for retail and business customers with Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM and Poste Italiane. Revolut is working on including additional banks in Italy in the near future.
