Digital Banking

Revolut Adds Amex To Open Banking Feature

Revolut

Revolut Ltd., the British financial technology company headquartered in London, has added American Express to its open banking platform.

The feature allows customers in the United Kingdom to connect their American Express accounts to Revolut, allowing them to see their balances and transactions in a single app.

Before this addition, Revolut shoppers could access American Express balances and transactions only through Amex’s online banking service or app. As a result, customers had limited access to account information since the only way to view it was by accessing multiple websites or apps, the company said.

“Revolut’s goal has always been to help people manage their financial life in a quick, easy and convenient manner,” the company said in a statement. “Having to switch between different apps is inconvenient, especially when many people have multiple accounts.”

Now, Revolut’s retail customers in the U.K. can connect their Amex and bank accounts to Revolut to view everything in one place, such as Revolut balances and transactions alongside their Amex account transactions, all within the Revolut app.

The app allows customers to set budget controls for their Revolut account and display the complete picture of their spending on their non-Revolut account, giving them greater control over their entire financial lives, the company said.

Revolut said it hopes to expand the Amex support to other countries and add more banks and credit cards.

The company said its open banking feature was built in partnership with TrueLayer, the London startup that builds application programming interface (API) platforms for FinTechs to use open banking.

In May, PYMNTS reported Revolut said it will integrate its products with Clear Books, which offers accounting software for small businesses.

The two companies said they will collaborate so customers can see transaction records, track invoices, record bills and expenses and automatically create financial reports.

The FinTech said Clear Books will become part of its Revolut Business Connect ecosystem, which also includes Xero, Slack, FreeAgent, Zapier and other products.

Also in May, Revolut said it planned to use $500 million it got from investors to acquire competing technology firms suffering from the impact of COVID-19.

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