Partnerships / Acquisitions

Revolut To Extend Open Banking APIs To QuickBooks Users

Revolut for Business will now allow businesses registered in the U.K. to make a direct and secure connection into the Intuit QuickBooks Online accounting platform via Open Banking application programming interfaces (APIs). The collaboration — which marks the first time that Revolut has partnered with a third-party provider related to the new Open Banking government-mandated APIs — will allow business owners to get almost real-time updates on their payments, expenses and cash balances.

“It was only natural that we would team up with QuickBooks for this project. Not only is it the world’s largest cloud accounting provider, but we also share the same customer-driven values: to deliver a best-in-class service through innovation. We understand the importance of accurate, secure and fast information to our customers. That’s why we invested the time to get the best connections in place with QuickBooks, said Domenico De Fano, senior product owner at Revolut, in an emailed press release.

The benefits of Open Banking connections for small businesses include having significantly more control over their data; instant access to historical financial transaction data of up to two years; confidence in accurate and fast data transfer of financial information; deep interconnectivity between banks, financial institutions and third-party providers; higher security standards; and more stable connections through the cloud.

“Our customers are at the heart of everything we do, and we’ve been listening to what they want. Ensuring that we can provide a best-in-class accounting solution through fully open APIs with Revolut is just the start of what we’re going to offer them through Open Banking. With cleaner and more robust banking data, coupled with the AI and machine learning capabilities within our software, we know that small businesses will be so much closer to mastering their company’s cash flow, said Shaun Shirazian, director of product management for Europe at Intuit.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.