Compared to Bankin or Linxo, Revolut still has a long way ahead of him. But the strategy is very relevant to the neo-bank.
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She was arrival on English soil five months ago, she arrived in France today. The feature called “Open Banking” of Revolut should give a new argument to size to the neo-bank. Its million of customers within the hexagon can now link their various bank accounts on the application of the banking institution, in the manner of the application Bankin’ or Linxo.
We announced in February during his first appearance, which should allow the neo-bank to continue with its strategy of developing an application allowing you to centralize all of the tools to assist in monitoring our personal and business finances.
A place of choice, knowing that at the present time on the landscape fintech, the intermediaries between the bank and the client are the ones benefiting most from the attractiveness of the industry. They are also the ones who will be able to claim to compete with traditional banks, when the market strengthens.
An offer even limited banks
In essence, the new feature “Open banking” of Revolut allows you to add our different bank accounts in parallel to the current account Revolut. French users can connect their account from banks such as Caisse d’epargne, Banque Populaire, Credit Agricole, Société Générale, BNP Paribas or even the online bank, Hello bank!.
Among the professionals, who are most likely to want to use an rss reader account to be able to monitor all of their accounts in a blink of an eye, Revolut mentions that the business accounts at BNP Paribas, Caisse d’épargne, Crédit Agricole and Société Générale are also available. Finally, it is also possible to link accounts with American Express.
Revolut recognizes that for the time being, the list of banks that are compatible are still limited. For example, the Crédit Mutuel is not available yet, and the offers of the online banks as Boursorama is untapped.
Difficult to say for the moment if the mobile banks will be likely to accept such a partnership, for a bank that is in more shadow than an aggregator classic (Linxo provides not less than 150 banking institutions compatible).
On the technical and legislative, Revolut uses an API of the british society TrueLayer, specializing in the features related to fintech. How to Bankin’ or Linxo in France (read our comparison of aggregators of bank accounts), Revolut benefits of the european directive CSP2, which provides (and encourages) a greater sharing of banking information.
No transfers for the moment
Revolut is a part of recent neo-banks to offer free of charge to its users to recharge their current account via the credit card linked to another account. A quick and very simple that the users have fun to use it in place of the transfers.
This speed is not yet found on the new functionality of the aggregator. For the moment, it is not possible to make transfers directly from the application using an external account. The application only includes the information related to the balance, and does not allow to perform actions.
Revolut hope to be able to launch such a device in the near future, but for the time being, his partner TrueLayer recognizes ” a certain scepticism concerning the progress of the CSP2 in the european Union “, adding that, despite everything, “ this partnership shows that things are progressing “.
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