Open Banking has revolutionised how financial institutions communicate vital financial data to one another. As the industry enters a new era of both legal and technological possibilities, Revolut Business has been able to stay at the forefront of providing businesses of all sizes with more opportunities to work smarter and grow stronger.
What is Open Banking?
Open Banking is a framework with the goal of increasing openness and competition in the finance sector. Practically speaking, this means that all financial institutions are mandated to publish regulated APIs to allow your financial data to be exported into the products you trust in a safe and secure manner.
How has Revolut used Open Banking?
Open Banking has already enabled you to view other financial accounts – such as your high street bank account – within Revolut Business through our Linked Accounts feature, saving you the time and hassle of juggling multiple apps, screens and login credentials. But for us, visibility over all of your accounts is just the beginning.
Way back in 2018, we launched our integrations with Xero, Zapier and Slack, changing the way our customers run their businesses, from expenses to communication to internal tools. These would set us on a path toward creating what you now know was Revolut Connect, and become one of our customers’ favourite features of Revolut Business. With the advent of Open Banking, we can now expand our roster of integrations and partnerships like never before.
We saw this as the step-change and the perfect moment to invest in the quality of our APIs to allow customers to give external parties ability to pull financial data out of Revolut Business and into their products. What was previously a labour-intensive build process can now be streamlined, all thanks to Open Banking. On top of this, our intention is to leverage this API platform to open up even more use-cases with which external companies can partner with us on.
What does this mean for our customers?
We always look to prioritise the customer experience. Whether you are on your phone or laptop, we want to ensure the seamless and secure sharing of your data with third-parties, in the fastest way possible. Plus, if you are a developer for an accredited financial institution, our dynamic registration process allows you to get started with no manual onboarding.
As we expected, we’re seeing the number of integrations in our system go through the roof. Soon after launching our Open Banking API, we were able to welcome QuickBooks to Revolut Connect. In September of 2019, we had only 7 partners for our customers to integrate with, we now have over 50 partners leveraging our APIs everyday.
What’s next on our roadmap?
- More integrations. We’re adding new app integrations to the Connect marketplace across more markets in the coming days. Be sure to follow our blog and social channels for the latest news and updates.
- An improved developer experience. We’re developers too – we always strive to make it as easy as possible for developers to use our tech and get up and running as fast as possible. Keep an eye on our developer portal for updates: https://developer.revolut.com/portal/signup
- Beyond transactions and payments. The possibilities for innovation powered by Open Banking are endless. We’re building out our APIs to help you manage your bank accounts, expenses, and analytics smarter, faster and more easily. Keep up with the latest on our API documentation.