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Revolut launches Open Banking for its 400,000 Italian retail and business customers

4 august 2020

Revolut has today announced the launch of Open Banking for its over 400.000 retail and business customers in Italy. The new Open Banking feature allows Revolut customers in Italy to connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to Revolut, making it possible to see all of their balances and transactions in one single app, according to finextra.com. Revolut is working on including additional banks in Italy in the near future.

Currently, most customers can only access their Italian bank accounts’ details such as account numbers, balances and transaction histories through that bank’s own online banking service or app. As a result, customers potentially have reduced visibility of this information, as the only way to see this information regularly is through accessing multiple bank websites or apps.

With Open Banking, over 400.000 Revolut’s retail and business customers can now connect their bank accounts to Revolut, and see everything in one place, such as Revolut balances and transactions alongside bank account transactions, all within the Revolut app.

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. In the near future, Revolut plans to allow Italian customers to add money to Revolut via open banking and will also include more Italian banks as well as the possibility to connect foreign bank accounts.

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.

Revolut enables customers to give permission to present their transactions from an Italian bank account within the Revolut app via that bank’s API (Application Program Interface). Once customers have given Revolut their consent, the fintech can ask their other non-Revolut account providers for their account information and display that information in the Revolut app, providing them with all their balances, transactions and spending insights.

If Revolut customers have access to their Italian bank’s web app, Revolut will communicate with that app before bringing the required information back into Revolut. If a customer does not have access to their bank’s web app, they will be asked to log into the bank’s online banking service. At no point in this process does Revolut have access to a customer’s security credentials for their bank account, so it’s completely secure.

Revolut recently refreshed their app and updated their terms to better support customers’ everyday needs. Topping up your Revolut account, transferring Euros from an Italian Revolut account to other EU bank accounts, and transferring money to friends on Revolut remains free, as well as paying for goods or services via contactless, chip & PIN or online.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?