Revolut is a European banking and money transfer app which is currently claiming more than 10 million customers. It has made a partnership with an open banking API provider named TrueLayer to add the bank account aggregation components to its app.
The new functionality indicates that the UK customers of Revolut including both business and customer can now get connected with their external UK bank accounts to Revolut by enabling them to see all their bank balances as well as transactions no matter which of their UK bank accounts the data locates. The feature is known as the account aggregation and is designed to provide a complete view of the spending as well as other transactions. Also, it was one of the earliest promises that open banking made.
But, despite being adopted by the legacy of banking apps like Barclays, along with excess money management apps, the aggregation utilize case has not seeped exactly in the consciousness of most of the consumers. The move to roll out the aggregation features of Revolut has the potential to aid in changing that – said by the Co-Founder and CEO of TrueLayer named Francesco Simoneschi.
He said that he thought that was the moment when Open Banking would go mainstream, but perhaps a little over-optimistically. Besides, Revolut was putting that feature at the very core of their customer journey and would set the standard for the following phase – not only in the UK but also everywhere.
The Product Owner for Open Banking at the Revolut named Joshua Fernandes added that with the beginning of their newer Open Banking feature, the UK customers could view and manage several external bank accounts.