FinTech Revolut is using Open Banking APIs for the first time, collaborating with third-party provider Intuit QuickBooks to connect its business customers with the accounting platform.
By working with Intuit, business account holders gain access to the QuickBooks financial management software to get close to real-time updates on payments expenses and cash balances.
According to Revolut, the use of the advanced functionality of the new open banking government-mandated APIs demonstrates a “huge step forward” for UK businesses, and in this case, it combines rich financial data with commitments such as payroll, outstanding invoices, debtors and taxes due.
The customers will be able to have more control over who sees and has access to their data, access up to two years of historical financial transaction data, access to accurate and fast data transfer of financial information, provide interconnectivity between banks, financial institutions and third-party providers and rely on higher security standards and stable connections through the cloud.
Commenting on the collaboration with QuickBooks, Domenico De Fano, Product Owner at Revolut for Business, said: “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.
In the announcement, the company noted that the integration also reaffirms Revolut’s commitment to democratise access to business accounts, to help businesses get off the ground and to save entrepreneurs around the world time and money.
“We understand the importance of accurate, secure and fast information to our customers, that’s why we invested the time to get the best connections in place with QuickBooks,” De Fano said.
Also commenting on the collaboration, Shaun Shirazian, Head of Product Europe for Intuit QuickBooks, said: “Our customers are at the heart of everything we do and we’ve been listening to what they want. 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.”