Revolut, the European banking and money transfer app that now claims over 10 million customers, has partnered with Open Banking API provider TrueLayer to add bank account aggregation functionality to its app.
The new functionality means that Revolut UK customers – both residential and business – can now connect their external UK bank accounts to Revolut so they can view all of their bank balances and transactions, regardless of which UK bank account the data is in. This feature provides a full overview of your spending and other transactions and was one of the first promises of open banking.
Despite the takeover by older banking apps such as Barclays and a large number of money management apps, the use case of aggregation is not exactly known to most consumers. The introduction of aggregation functions by Revolut has the potential to change this. At least, says Francesco Simoneschi, co-founder and CEO of TrueLayer.
"I think this is the moment when open banking becomes mainstream," he says to me, perhaps with some optimism. "Revolut puts this feature at the center of its customer journey and will set the standard for the next phase – not just in the UK, but everywhere."
"With the launch of our new open banking feature in the UK, customers can now view and manage multiple external bank accounts to track their daily expenses across all accounts," added Joshua Fernandes, product owner for open banking, Revolut. "We are pleased that new laws such as Open Banking are changing our financial landscape for the better, and I am proud that Revolut and TrueLayer are at the forefront of this experience."
From a regulatory perspective, Revolut is approved as an Account Information Service Provider (AISP) by the UK's Financial Conduct Authority. This enables him to access official UK Open Banking APIs on behalf of clients for information purposes.
What Revolut does not allow is the transfer of funds and payments via third party bank accounts that would require a different Open Banking license. If this were the case, it would be even more convenient to add and withdraw Revolut credit and use the app's budgeting and transfer functions. So I wouldn't be surprised if this happens next.