The new Open Banking feature allows Revolut customers in Italy to connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to Revolut, making it possible to see all of their balances and transactions in one single app.
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. As a result, customers potentially have reduced visibility of this information, as the only way to see this information regularly is through accessing multiple bank websites or apps.
Revolut's new Open Banking offering has been built in partnership with provider of financial APIs TrueLayer. Using TrueLayer's platform ensures account information from major Italian banks and challengers is quickly integrated and updated.
With Open Banking, over 400.000 Revolut’s retail and business customers can now connect their bank accounts to Revolut, and see everything in one place, such as Revolut balances and transactions alongside bank account transactions, all within the Revolut app.
In addition, retail customers can set budgeting controls for their Revolut account and have a full picture of their spending on their non-Revolut account, giving them greater control over their entire financial lives. In the near future, Revolut plans to allow Italian customers to add money to Revolut via open banking and will also include more Italian banks as well as the possibility to connect foreign bank accounts.
The Open Banking feature is free to all Revolut customers - as is paying for goods or services via contactless, chip & PIN or online; topping up your Revolut account; transferring Euros from an Irish Revolut account to other EU bank accounts; and transferring money to friends on Revolut.
Revolut currently supports Open Banking for retail and business customers with Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM and Poste Italiane. Revolut is working on including additional banks in Italy in the near future.
Revolut is authorised by the UK regulator, the Financial Conduct Authority, as an Electronic Money Institution (EMI), and has permission to carry out Account Information Services and Payment Initiation Services (PIS). Revolut also has permission to carry out AIS and PIS in other countries including Italy. Revolut enables customers to give permission to present their transactions from an Italian bank account within the Revolut app via that bank’s API (Application Program Interface).
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