Revolut for Business customers in the UK can now make direct and secure connection into the Intuit QuickBooks Online accounting platform via Open Banking APIs. This is the first time that Revolut has collaborated with a third-party provider to use the advanced functionality of the new Open Banking government-mandated APIs.
By connecting with QuickBooks business owners are able to get close to real-time updates on their payments, expenses and cash balances. Combining this rich financial data with business commitments such as payroll, outstanding invoices, debtors and taxes due, gives a small business owner total visibility and control of their cash flow at a glance.
The benefits of Open Banking connections for small businesses are extensive and include more control over data, access to up to two years of historical financial transaction data instantly, deep interconnectivity between banks, financial institutions and third-party providers (TPPs) and higher security and reliability standards.
It was only natural that we would team up with QuickBooks for this project, not only is it the world’s largest cloud accounting provider, but we also share the same customer-driven values; to deliver a best in class service through innovation.
Domenico De Fano, Product Owner at Revolut for Business
Ensuring that we can provide a best-in-class accounting solution through fully open APIs with Revolut is just the start of what we’re 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.
Shaun Shirazian, Head of Product Europe for Intuit QuickBooks