Users of Revolut in France can now connect their Crédit Mutuel, Caisse d’Epargne, Banque Populaire, Crédit Agricole, Société Générale, BNP Paribas and Hello Bank! bank accounts to Revolut, allowing them to view all their balances and transactions in a single app.
Open banking, the process of connecting accounts held by customers in different banks through an Application Programming Interface (API), is seen by many fintech commentators as the next long term phase of the disruption to the traditional analogue banking model. Adherents argue that it will widen out to a broad ‘open finance’ ecosystem that helps customers get better deals from a wide range of financial products… Critics of open banking argue that the technology has been slow to get off the ground.
[Revolut:] “We are delighted to see the new regulations facilitating a more open banking world, for the benefit of the greatest number of people.”
Revolut launched open banking functionality in the UK earlier in the year and also more recently in Ireland.