Revolut, Open Banking and Money Dashboard

I have been a user of Money Dashboard for a few years now and was delighted to see they now support Open Banking. Delighted also to see :r: is supported even if I can only get my GBP account attached at the moment. Pity I haven’t seen it promoted and only came across it by accident.

Revolut GBP and EUR accounts are supported by Emma.
The API doesn’t show vaults though, which is annoying.

DM me if you want an Emma referral - no benefit to you, just a free month for me haha :joy: :man_shrugging:

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Yep - nice to see you can sync everything to YNAB (You need a budget) through the use of SyncforYNAB

emma has revolut support, no clue how.

Through TrueLayer

Twenty

When will Clydesdale Bank be added?

Any update on when Clydesdale bank will be added to open banking?

Will be nice if you add Metro bank as well in order for me to use it. Thx

Virgin Money would also be appreciated :slight_smile:

Hallo! Wähle doch bitte ein passenderes Thema für deine Posts. So riskierst du immer wieder, dass andere Nutzer deine Posts als “off topic” markieren, weil sie nichts mit dem Thema zu tun haben. :wave:

how do you come accross this? it is only valid of UK customer, EU customer have no open banking available?

Only UK at the moment, part of a UK government initiative.

The underlying regulation (PSD2 / XS2A – Paysment Service Directive 2, Access to Account) is a European initiative.

Revolut uses a third party provider that provides access to accounts via an aggregation service. This service provider already provides PSD2 compliant APIs that would connect to a large number of European banks.

Revolut’s decision to roll out the feature in UK first isn’t related to “open banking” being exclusive to the UK.

:r: T&C’s make it quite clear that it is a UK only service set up under the UK Government’s Open Banking iniative. To do so each bank has to link to a common intermediate API and hence on to 3rd parties. Any participating financial institution must have a legal base in the UK.

From the beginning, Revolt has said their “open banking” integration is supposed to become availabe in other countries as well. And just google “Open Banking” and “PDS2” and you will find out, that the term Open Banking is used not exclusively in the UK but in the whole industry. The term Open Banking predates PSD2 XS2A, so they’ve sticked to that when the European regulation became UK law.

You can read more about it here: https://standards.openbanking.org.uk/

And here’s a somewhat technical document that goes into detail explaining the open banking landscape in Europe a little bit and where the UK initiative comes from, and what it is supposed to achieve.

Important here is that PSD2 sets a regulatory framework for how and when account service providers have to grant access to accounts. Providing APIs is mandatory for all services, and all national initiatives need to be PSD2 compliant.

So what does that mean for Revolut, Brexit and all?

Revolut is obliged under UK and EU regulation, to offer APIs for third parties. This situation doesn’t change after Brexit for customers outside the UK. And since the UK adopted PSD2 in full and the whole industry working on implementing Open Banking for years now, I would assume It’s unlikely that UK regulators will roll this back.

Revolut uses a third party account aggregator service as a middle ware that’s connecting them to compliant APIs of competitors. This company doesn’t limit their services to the UK market, but facilitates the unique situation that PSD2 is forcing all account service providers to open their accounts everywhere in Europe for third parties. I would be really surprised if Revolut would decide not to take advantage of this.

iirc the UK legislation only requires 9 banks/building societies to release Open Banking APIs. Revolut isn’t one of these :slight_smile:

Here’s a snippet from a Wired article:

Open Banking also part of a sweeping piece of European legislation known as the second Payment Services Directive, or PSD2. Sometimes the two get confused: essentially, Open Banking is the UK version of PSD2. The difference is that whereas PSD2 requires banks to open up their data to third parties, Open Banking dictates that they do so in a standard format.

So do they have an obligation to make customer data available? Yes. Do they have to do that in the specific way the UK proposes with the “Open Banking” standard? No.

But they did it anyway. Revolut’s APIs are already available. And they are making them available to third parties via the UKs Open Banking Directory. But not exclusively. Since Open Banking is PSD2 compliant, all of this isn’t limited to the UK Open Banking Initiative.

Source