Revolut brings Open Banking to Germany

Wednesday 18 November 2020 11:37 CET | News

Revolut has announced the introduction of Open Banking for its users in Germany. 

With the new feature, German customers can now connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with the Revolut App and view all their finances in one place - directly from their smartphones.

Revolut's new open banking offer has been developed in cooperation with Europe's provider of financial APIs (programming interfaces), UK-based fintech, TrueLayer. The use of the TrueLayer platform ensures that account information from major German banks is securely integrated and updated in real time in the Revolut app.

With Open Banking, German customers can connect all their bank accounts with the supported financial institutions via Revolut App. But that's not all: users can now transfer money between Revolut and other bank accounts, create personalised budget analyses across different accounts and send money to friends and family and from one account to another using only the Revolut app. All in one place and without losing track. Open Banking also supports the top-up function: Revolut accounts can be easily topped up directly in the app with simple transfers from the linked accounts, without having to enter a card or IBAN and, above all, without logging into the online banking of other financial institutions. 

Open Banking is free of charge for all Revolut users. With the introduction of this feature, Revolut laid another milestone for more financial well-being and stays true to its mission of giving people more control over their financial lives.

Currently Revolut supports Open Banking for customers who have accounts with Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse. 

Revolut is authorised by the UK Financial Services Authority (FCA) as an electronic money institution and as such is licensed to provide account information and payment initiation services in the UK and other countries, including Germany. Via the Revolut App, German customers can give their consent to Open Banking. Revolut will continue providing these services to German customers post-Brexit from european-licensed companies in its group. Revolut will continue providing these services to German customers post-Brexit from european-licensed companies in its group.

Accounts are linked via the so-called APIs (Application Program Interface). The PSD2 API requirements was specially developed to avoid security risks and data leaks: Access to other accounts is authorised via the trusted websites of the respective banks and Revolut cannot see passwords or personal data at any time. Furthermore, data is encrypted, while account links must be re-authorised every 90 days and can be paused and released at any time.

Once customers have given their consent to Revolut, it can request their account information from other financial institutions and display it in the Revolut app.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Revolut, Open Banking, Germany, TrueLayer, finance management, banks, money transfer, app, online banking
Categories: Banking & Fintech
Countries: Germany
This article is part of category

Banking & Fintech

Industry Events