Revolut has partnered with TrueLayer, a financial service API provider, to incorporate open banking features in Italy. According to a release issued by the digital bank, Revolut customers in Italy will now be able to connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to Revolut, meaning all information may viewed in a single App. Revolut reports over 400,000 retail and business customers in Italy.
Currently, most customers may access their Italian bank accounts’ details via that bank’s own online banking service or app. Revolut enables the aggregation of all information. Other features, such as budgeting controls, operate with the aggregated information.
Revolut says it plans to allow Italian customers to add money to Revolut via open banking and will also include more Italian banks and perhaps foreign bank accounts.
Joshua Fernandes, Product Owner for Open Banking at Revolut, said the rollout of the open banking feature will add benefits making their offering even more relevant, user-friendly, and cost-efficient for 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,” said Fernandes.
Francesco Simoneschi, co-Founder and CEO of TrueLayer, said they are pleased to be partnering with Revolut.
“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.”
TrueLayer is connected to major banks including Fintechs like Monzo and Zopa.