Revolut Brings Open Banking to Germany
- Open Banking , Banking
- 17.11.2020 06:11 pm
Revolut announced today the introduction of Open Banking for its users in Germany. With the new feature, German customers can now connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with the Revolut App and view all their finances in one place - directly from their smartphones.
Revolut's new open banking offer has been developed in cooperation with Europe's leading provider of financial APIs (programming interfaces), London-based Fintech, TrueLayer. The use of the TrueLayer platform ensures that account information from major German banks is securely integrated and updated in real time in the Revolut app.
Functions at a glance
In concrete terms, this means: With Open Banking, German customers can connect all their bank accounts with the supported financial institutions via Revolut App. But that's not all: users can now transfer money between Revolut and other bank accounts, create personalised budget analyses across different accounts and send money to friends and family and from one account to another using only the Revolut app. All in one place and without losing track. Open Banking also supports the top-up function: Revolut accounts can be easily topped up directly in the app with simple transfers from the linked accounts, without having to enter a card or IBAN and, above all, without logging into the online banking of other financial institutions.
Open Banking is free of charge for all Revolut users. With the introduction of this feature, Revolut laid another milestone for more financial well-being and stays true to its mission of giving people more control over their financial lives.
In terms of safety
Currently Revolut supports Open Banking for customers who have accounts with Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse.
Revolut Ltd. is authorised by the UK Financial Services Authority (FCA) as an electronic money institution and as such is licensed to provide account information and payment initiation services in the UK and other countries, including Germany. Via the Revolut App, German customers can give their consent to Open Banking. Revolut will continue providing these services to German customers post-Brexit from european-licensed companies in its group. Revolut will continue providing these services to German customers post-Brexit from european-licensed companies in its group.
Accounts are linked via the so-called APIs (Application Program Interface). The PSD2 API requirements was specially developed to avoid security risks and data leaks: Access to other accounts is authorised via the trusted websites of the respective banks and Revolut cannot see passwords or personal data at any time. Furthermore, data is encrypted, while account links must be re-authorised every 90 days and can be paused and released at any time.
Once customers have given their consent to Revolut, it can request their account information from other financial institutions and display it in the Revolut app.
Joshua Fernandes, Product Owner for Open Banking at Revolut, explains: "With the introduction of the Open Banking function, our offering in Germany will be even more competitive, user-friendly, fast and accessible. We are delighted that the legislators have created the framework for a new digital financial landscape and are personally very proud that Revolut and TrueLayer are pioneering in this respect."
Francesco Simoneschi, co-founder and CEO of TrueLayer, adds: "The introduction of Open Banking with Revolut in Germany also marks a significant expansion for us in the country. As the leading open banking platform in Europe, our collaboration with Revolut is continuing at pace and this is just the beginning of what will be a fruitful partnership bringing further innovation to the German market. Revolut’s customers in Germany can benefit from a better user experience, offering a comprehensive view of their finances, as well as greater control and oversight."