Challenger bank Revolut announced the addition of American Express to its Open Banking feature. This allows Revolut retail customers in the UK to connect their American Express bank account to Revolut.
With this addition, Revolut and AmEx customers are able to see all of their balances and transactions in one single app. Before this, Revolut shoppers could access American Express balances and transactions only through Amex’s online banking service or app.
As a result, customers had limited access to account information since the only way to view it was by accessing multiple websites or apps. This gets resolved as the trending Open Banking feature becomes implemented.
In addition, retail customers are also able to set budgeting controls for their Revolut account and have a full picture of their spending on their non-Revolut account. This gives them greater control over their entire financial lives.
Revolut is working on spreading the Amex support to other countries and adding even more banks and credit cards in the near future.
Revolut’s Open Banking offering has been built in partnership with financial API provider TrueLayer. The use of the TrueLayer’s platform ensures account information from major banks and challengers is quickly and securely integrated and updated.
Revolut has also extended its open banking feature to Ireland last month. This feature launched in the U.K. during February. The partnership with TrueLayer enables customers to add third-party bank accounts to your Revolut account.
Francesco Simoneschi, co-Founder and CEO of TrueLayer, said: “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.”