Revolut has just announced the launch of Open Banking for its over 400.000 retail and business customers in Italy.
The feature allows Revolut’s customers to connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to Revolut, so they can see their balances and transactions in one app.
The Italian version was built in partnership with TrueLayer. Revolut partnered with the open banking API provider TrueLayer to add bank account aggregation features to its app for customers in the UK and Ireland.
Currently, most customers can only access their Italian bank accounts’ details such as account numbers, balances and transaction histories through that bank’s own online banking service or app.
Revolut claims that its goal has always been to help people manage their financial life in a quick, easy and convenient manner. Having to switch between different apps is inconvenient, especially when many people and businesses have multiple accounts.
If Revolut customers have access to their Italian bank’s web app, Revolut will communicate with that app before bringing the required information back into Revolut. If a customer does not have access to their bank’s web app, they will be asked to log into the bank’s online banking service. At no point in this process does Revolut have access to a customer’s security credentials for their bank account, so it’s completely secure.
Francesco Simoneschi, co-Founder and CEO of TrueLayer, said:
“We’re delighted that our partnership with Revolut is continuing at pace with rollouts to support Open Banking taking place across Europe. I’ve been particularly looking forward to our launch with Revolut into Italy because I know that there is a huge opportunity for Open Banking and PSD2 to bring much-needed innovation to the traditional financial sector in my home country. I’m certain that the Open Banking products we’re supporting Revolut to develop will be incredibly popular in Italy.”
Joshua Fernandes, Product Owner for Open Banking at Revolut, said:
“With the rollout of our Open Banking feature, our retail and business customers in Italy can now view and manage multiple Italian 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, and I’m proud that Revolut and TrueLayer are at the forefront of this experience.”