Open Banking is now live for all of our UK customers on both retail and business plans. Let us explain why this is such a big deal.
Right now, your external bank account details like account numbers, balances, transaction history, etc. sit squarely with your bank. We know that many of our business users have more than one account. Until now, this has meant logging in to multiple apps and websites – which gives us a headache just thinking about it. Between multiple login credentials (and layered verification) and inconsistent UI experiences, it can be almost impossible to have an accurate understanding of your business’ financial health.
That’s where Open Banking comes in. Following a successful beta test, we’ve built a system which allows you to connect your external UK bank accounts to Revolut, making it possible for you to see all of your balances and transactions in one single app.
Open Banking in a nutshell
With Open Banking, you can connect your external bank accounts to Revolut, and see everything in one place. You can see your Revolut balances and transactions alongside your external bank account transactions directly on your dashboard.
Setting up Open Banking
You can access Open Banking right now by tapping on the banner in the web app, or by navigating to your accounts tab, then selecting add new account, and choosing “Link external bank account.”
Once you’ve chosen your bank, the you’ll be directed to your bank’s website where you can login and consent to Revolut accessing your account details. At no point in this process does Revolut have access to your credentials, so it’s completely secure. Additionally, you’ll be able to remove the account from your dashboard at any time.
For this first release, Open Banking setup is available only on our web app, but we’ll be rolling this feature out to mobile soon. Please note that we’re only including UK banks to begin with, and will introduce more later on.
That’s it! From then on, you’ll be able to see your outside bank’s account information, balance and transactions on your Revolut Business dashboard.