Customers of the fast-growing fintech Revolut can now connect their other bank accounts to the company's app, allowing them to see all financial transactions in one place.
Revolut, which claims more than one million Irish customers and over 12 million globally, has introduced a new open banking option that enables customers of AIB, Permanent TSB, Ulster Bank and Bank of Ireland to link their accounts to the app to give increased visibility over their spending.
In addition, business customers of the company can link their accounts with Permanent TSB and Ulster Bank with additional financial institutions expected to be added across both Ireland and Britain in due course.
The digital challenger, which offers a range of banking options, including current and easy-access savings accounts, said it is also intending to make it possible for customers to add money to Revolut from their other bank accounts at a future date.
Traditionally, 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.
Access data
The ability to link other accounts to the Revolut app is due to the Second Payment Service Directive regulation, which has effectively forced traditional players to “open up” through the provision of application programming interface. This enables fintechs to access data such as customer account balances and transactional history in order to provide them with additional products and services.
Revolut said it was using technology from TrueLayer to ensure account information from other banks is securely integrated.
"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 the fintech.
Headquartered in London and employing some 2,000 people globally, Revolut has processed more than one billion transactions worth over $100 billion (€89 billion) since it was founded in July 2015.
The company earlier this year confirmed plans to shift responsibility for its European payments from London to Dublin as a result of Brexit in a move that sees it more than double its headcount locally.
