APIs will allow clients to share the data in their bank account securely, without having to hand over the password to other companies
As long as Revolut launches its new Open Banking feature, its clients will be able to connect their external UK bank accounts to Revolut. This way, they will see all of their balances and transactions within one app.
The bank also provides customers with control over their bank account. For instance, they will be allowed to share the transaction data with other banks and third parties. The users will carry out the transaction tracking from the Revolut banking app.
Open Banking relies on API. APIs allow software at one company to access information from the software at another company. For example, when a user signs into any website using Google account, the Google Authentication API helps to log in securely.
Revolut has been authorized by the UK regulator as an Account Information Service Provider (AISP) to securely use UK bank APIs. It means that by connecting an external bank to the Revolut account, access will only be used to provide the service users have asked for.