Mobile bank, Revolut, has launched Open Banking for its one million retail and business customers in Ireland. The integration allows Revolut users to connect their AIB, Permanent TSB, Ulster Bank, and Bank of Ireland bank accounts to the Revolut app, making it possible to see all balances and transactions in one single place.
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, requiring multiple logins.
Revolut’s new Open Banking offering has been built in partnership with financial APIs from TrueLayer. Using TrueLayer’s platform ensures account information from major Irish banks and challengers is quickly and securely integrated and updated.
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. Revolut also plans to allow Irish customers to add money to Revolut via open banking. 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.
With the rollout of our Open Banking feature, our retail and business customers in Ireland can now view and manage multiple Irish bank accounts, enabling 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.
Joshua Fernandes, Product Owner for Open Banking at Revolut