Revolut offers you the option to save your external accounts on its app.

Revolut is a British neobank, founded in 2015, known for having “ revolutionized banking ,” particularly with its trading platform, which allows users to invest in various companies. While the neobank’s working conditions for its employees were questionable in 2019, it seems that things have since improved. In any case, it has continued its development at its own pace, first by making its banking service compatible with Apple Pay in 16 European countries , and now by offering its customers the ability to manage all their accounts in a single app, as reported by TechCrunch .

Connect external bank accounts

For now, this new feature is only available to UK customers. They can now, whether personal or business customers, register their external accounts within the Revolut app, as long as the bank account in question is UK-based.

Today, Revolut is aiming to place this new feature at the heart of the customer journey on its platform. According to Francesco Simoneschi, CEO and Co-founder of TrueLayer, an Open Banking app development service, Revolut intends to shift mindsets with this feature and convince its customers of its usefulness. The CEO stated, “ 
This is the moment when Open Banking will become widespread. Revolut is placing this feature at the core of its customer journey and will make it the standard, not just in the UK .”

Open banking, the bet of Revolut and TrueLayer

Joshua Fernandes, Head of Open Banking Product at Revolut, said, “ We are delighted to see that the new legislation can change the financial landscape .” From a legal standpoint, Revolut is now able and authorized to be a “ bank account information service provider .” The neobank has indeed obtained approval from the UK regulator. Open banking, or unified access to a single person’s various bank accounts, appears to be the new strength of online banking.

Currently, Revolut is unable to transfer funds or make payments via external accounts registered in the app. Furthermore, we don’t know when this feature will be available to customers worldwide.

In France, this new feature is similar to the one available on the Lydia app.