Digital bank Revolut today announced the launch of open banking for all UK retail and business customers as it ramps up its challenge against money management rivals.
The new feature allows UK customers to connect their external bank accounts to Revolut’s platform, allowing them to view all their balances in one app.
Open banking was introduced in the UK two years ago in a bid to help consumers and small businesses by making it easier to share data across different finance providers.
Revolut said its new offering, built in partnership with software provider True Layer, would give customers greater control over the financial lives.
“With the launch of our new open banking feature, UK customers can now view and manage multiple external bank accounts, enabling them to interpret their day to day spending across all of their accounts, with the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient for our customers,” said Joshua Fernandes, product owner for open banking at Revolut.
“We’re delighted to see that new legislation such as open banking is changing our financial landscape for the better, and I’m proud that Revolut and True Layer are at the forefront of this experience.”
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”