Fintech startup Revolut has expanded its offer of open banking to Ireland.
The feature first launched in England in February.
Once again, the startup has partnered with TrueLayer to allow users to add third-party bank accounts to their Revolut accounts.
The launch of the feature also coincides with the launch of TrueLayer in Ireland. For now, Revolut users can only link their account to AIB, Permanent TSB, Ulster Bank and Bank of Ireland.
Revolut and TrueLayer will add support for 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 an application programming interface (API) to communicate with each other. For example, you can connect to your Facebook account on many online services, you can interact with other services such as Slack, etc.
Financial institutions are lagging behind on this front, but that has changed recently thanks to new regulations and technical updates. With open banking, your bank account should work more like a traditional internet service.
When you link your bank account to Revolut, you can view your balance and past transactions in a separate section that lists all related accounts. Users can also take advantage of Revolut’s budgeting features with their bank accounts.
But the startup is already allowed to provide payment initiation services (PIS). This means that you will soon be able to initiate transfers from your bank account directly from Revolut. This should make it much easier to deposit money into your Revolut card.
While this feature may seem trivial, Revolut wants to build a comprehensive financial center for all sorts of financial needs – something like a great app for anything related to money. With open banking, you should theoretically not have to open your traditional banking application.