Fintech startup Revolut has expanded its open banking feature to Ireland. The feature first launched in the U.K. back in February. Once again, the startup is partnering with TrueLayer to let you add third-party bank accounts to your Revolut account.
The feature launch also marks the launch of TrueLayer in Ireland. For now, Revolut users can only link their Revolut account with AIB, Permanent TSB, Ulster Bank and Bank of Ireland. Revolut and TrueLayer will add support to other banks in the future. Revolut currently has 1 million customers in the Republic of Ireland.
The idea behind open banking is quite simple. Many online services rely on application programming interfaces (APIs) to talk to each other. You can connect with your Facebook account on many online services, you can interact with other services from Slack, etc.
Financial institutions have been lagging behind on this front but it is changing thanks to new regulation and technical updates. With open banking, your bank account should work more like a traditional internet service.
When you connect your bank account with Revolut, you can view your balance and past transactions from a separate tab that lists all your linked accounts. Users can also take advantage of Revolut’s budgeting features with their bank accounts.
As TechCrunch’s Steve O’Hear noted when he first covered Revolut’s open banking feature, Revolut was originally authorized for Account Information Services (AIS) by the U.K. regulator, the Financial Conduct Authority. It lets you access and display information from other financial institutions.
But the startup now has permission to carry out Payment Initiation Services (PIS). It means that you’ll soon be able to initiate transfers from your bank account directly from Revolut. It should make it much easier to top up your Revolut balance for instance.
While this feature might seem anecdotical, Revolut wants to build a comprehensive financial hub for all your financial needs — a sort of super app for everything related to money. With open banking, you theoretically no longer have to open your traditional banking app.