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Revolut launches Open Banking for its French customers

Thursday 16 July 2020 10:14 CET | News

Revolut has announced the launch of Open Banking for its more than one million customers in France. 

The new Open Banking feature allows Revolut's retail customers to connect their Crédit Mutuel, Caisse d'Epargne, Banque Populaire, Crédit Agricole, Société Générale, BNP Paribas and Hello Bank! bank accounts to Revolut, allowing them to view all their balances and transactions in a single app. 

Revolut's new Open Banking offer was designed in partnership with financial API provider TrueLayer. The use of the TrueLayer platform guarantees the integration and updating within Revolut of account information from the main French banks. 

In the near future, Revolut also plans to allow French customers to top up their accounts directly from one of the linked external accounts.

Revolut is authorised by the UK regulator, the Financial Conduct Authority, as an Electronic Money Institution (EMI) and is licensed to provide Account Information Services (AIS) and Payment Initiation Services (PIS). Revolut Ltd. is also authorised to carry out these AIS and PIS in other countries, including France. Revolut allows customers to authorize the presentation of their transactions from a French bank account in the Revolut application via that bank's secure Application Program Interface (API). 

Once they have given their consent to Revolut, the fintech can request accounts information from the customers' external banks and display it in the Revolut app.

If Revolut's clients have access to their French bank's app, Revolut will communicate directly with the external bank's app in order to retrieve balances, transactions and expenses. If a customer does not have access to his bank's app, he will be asked to connect to the bank's online banking service. At no time during this process does Revolut have access to the customer's login information on their external bank account, securing the entire interaction.

 


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Keywords: Revolut, Open Banking, API, finance, banking, app, fintech, France
Categories: Banking & Fintech | Payments General
Countries: France
This article is part of category

Banking & Fintech