Revolut launches Open Banking in Ireland

Source: IBS Intelligence 2020-06-18

Irish retail customers can now connect their AIB, Permanent TSB, Ulster Bank, and Bank of Ireland bank accounts to Revolut, allowing them to see all of their balances and transactions in one single Open Banking app while Irish business customers can link their Ulster Bank and Permanent TSB business bank accounts to Revolut Business.

Currently, customers may only access their Irish bank accounts’ details such as account numbers, balances and transaction histories through that bank’s own online banking service or app. Revolut’s new Open Banking offering has been built in partnership with TrueLayer. The collaboration also marks TrueLayer’s launch into the Republic of Ireland. It enables customers to give permission to present their transactions from an Irish bank account within the Revolut app via that bank’s API (Application Program Interface).

Over 1 million of Revolut’s retail and business customers can now connect their bank accounts to Revolut. In the near future, the bank plans to allow Irish customers to add money to Revolut via Open Banking.

Joshua Fernandes, Product Owner for Open Banking at Revolut, said: “With the rollout of our Open Banking feature, our retail and business customers in Ireland can now view and manage multiple Irish 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. We’re delighted to see that regulation that facilitates Open Banking is creating the potential to change our financial landscape for the better.”

Francesco Simoneschi, co-Founder and CEO of TrueLayer, said: “We’re delighted to officially launch TrueLayer in the Republic of Ireland and work with Revolut as our launch partner. Our Open Banking platform will provide Revolut’s customers with a much more comprehensive view of their finances, allowing them to exert greater control and oversight.”

Refinitiv

TrueLayer

Open Banking

Revolut launches Open Banking in Ireland

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