Revolut Extends Open Banking Service, Launches in Italy

UK challenger bank Revolut has expanded its Open Banking service to another European country, with the company announcing today that it has launched the service in Italy.

Via the Revolut app, users in Italy can now connect their Intesa Sanpaolo, UniCredit, UBI Banca, Banco BPM, Poste Italiane bank accounts to see all of their balances and transactions in one place.

As Finance Magnates reported, Revolut has been expanding its Open Banking service across Europe, after its launch in February. Recently, the UK Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term launched the service in France and in Ireland.

The offering has been created via its partnership with TrueLayer, a provider of financial APIs. Via TrueLayer’s platform, account information from major Italian banks and challengers are integrated and updated quickly.

Commenting on the launch in Italy, Joshua Fernandes, Product Owner for Open Banking at Revolut, said in the statement: “With the rollout of our Open Banking feature, our retail and business customers in Italy can now view and manage multiple Italian bank accounts, enabling them to interpret their day to day spending across all of their accounts, with the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient for our customers.

“We’re delighted to see that Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.”

Revolut Plans to Add More Italian Banks

The Open Banking feature is free for all customers of Revolut. In the near future, the fintech company is planning on including additional banks to the service in Italy.

"We're delighted that our partnership with Revolut is continuing at pace with rollouts to support Open Banking taking place across Europe,” Francesco Simoneschi, co-Founder and CEO of TrueLayer, commented in the statement.

“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."