This blog post is an update of a previous post in which we asked for beta users for our Open Banking feature. Thank you to all who got involved in making it a success.
Open Banking is now live for all of our Italian customers across all our Personal and Business accounts. So how can you use this new feature to get more from your money?
Right now, the only way to access your external bank account details like account numbers, balances, and transaction histories is to go through each bank’s website or app. In building a financial super app, we wanted to change that. Revolut can be one place to manage all things money - including overseeing your external bank accounts.
With Open Banking, you now have access to our innovative system which allows you to connect to external Italian bank accounts in Revolut, making it possible for you to see balances and transactions from those accounts in one app.
You can access Open Banking right now by going to your Revolut app and clicking the ‘Linked’ section. You’ll need to update to the latest version of the app first.
Open Banking in more detail
Open Banking is the intersection between regulation and innovation. It enables you to allow banks and regulated providers to share your transaction data so that you can access products that will transform your relationship with your money.
From within the Revolut app, you can build a personalised experience for all your banking needs. By linking your external accounts, you’ll be able to track your Revolut transactions and (for example) your UniCredit SpA and UBI Banca transactions, all from within Revolut
How it works: It’s all about the API
Open Banking relies on something called an API, or Application Programming Interface. APIs make it possible for the software at one company to access information from the software at another company. Without these APIs, if you want to share the data in your bank account with another company, you have to actually give them your login details.
We’re proud to say that Revolut has been authorised to provide Account Information Services, meaning it can securely use Italian bank’s APIs. This enables you to connect an external bank account to Revolut securely, safe in the knowledge that access will only be used to provide the service you’ve asked for.
How it works in practice
Once you've updated to the latest version of the app that enables Open Banking, select the ‘Linked accounts’ tab from the dashboard, and select your bank. We’re currently including Intesa Sanpaolo, UniCredit SpA, UBI Banca, Banco BPM, and Post Italiane but will introduce more later on.
Once you’ve chosen your bank, the process is automatic. If you have the bank’s app, we’ll communicate with that app, before bringing the required information back into Revolut. If you don’t have the bank’s app, you’ll be asked to log in on a web browser. At no point in this process does Revolut have access to your credentials; everything is completely secure.
Freedom and power to you
This new feature is one step closer to giving you access to a financial super app. We’re giving you more control over all your bank accounts, to help you transform the way you manage all things money.
This launch wouldn’t have been possible without the feedback from all our beta testers, and we’re grateful to them for all their support.
This couldn’t have happened without support from our community of beta testers, and we’re grateful to all of them for their input. Let us know what you think of Open Banking by tagging us on social @RevolutApp!