Digital bank Revolut has announced the launch of a new Open Banking feature to its UK customers, allowing them to see all of their bank accounts in one place.
Revolut, which has amassed 10 million retail and business customers since launching in 2015, has partnered with financial API provider TrueLayer to launch an Open Banking feature that enables customers to connect all their external bank accounts to the Revolut app.
Real-time data functionality allows customers to manage all transactions and balances from one place, as well as track spending and set budgeting controls. The service is available to both retail and business customers.
Calling the current banking process offered by traditional legacy banks as a “fragmented, broken process” that leads to unfair fees, expensive overdrafts, and mismatched financial products, Truelayer said its partnership with Revolut signals a new era in banking.
“We’re thrilled to be working with challenger banks like Revolut who are changing the status quo and using our technology to help deliver more value and better experiences to customers,” Francesco Simoneschi, co-founder and CEO of TrueLayer, said.
“The entire process to get up and running and start experimenting with TrueLayer was quick and painless,” Joshua Fernandes, product owner for Open Banking at Revolut, explained.
“We found their API was robust and developer-friendly, and we’re already realising the benefits.”
Revolut’s Open Banking capability comes a month after its ambitious entry into the UK savings market which saw the company launch an easy-access savings account at a competitive interest rate of 1.35 per cent.
The bank’s continued growth follows recent reports by Sky News that Revolut is planning to raise $1.5bn (£1.2bn) from investors in 2020 as it aims to stem some of its annual losses, which totalled around £32m at the end of 2018.
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