Revolut to work with TrueLayer in German expansion


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Revolut, a digital-only bank that operates across Europe, announced that it will be able to offer an open banking-friendly service in Germany as a result of a partnership with TrueLayer.
  • TrueLayer, a fintech company, offers application programming interfaces designed to allow firms to harness ‘open banking’ – the sharing of financial data between institutions.
  • Earlier this year, Revolut opened up services in France, Italy and the Republic of Ireland.

International money transfers-friendly digital bank Revolut has revealed its plans to partner with fintech firm TrueLayer to enter the German market.

TrueLayer, which provides application programming interfaces (APIs) designed to help share data, will help Revolut’s customers in the key European market of Germany to enjoy the benefits of open banking.

The move will allow customers of various German banks to make their accounts ‘interoperable’ with Revolut’s app-based services.

This will occur through a framework of what is called ‘open banking’, which allows organisations such as Revolut to access financial data from traditional institutions such as banks.

The pairing will give customers the chance to make online money transfers from their Revolut accounts and their traditional bank accounts – and vice versa.

In some cases, customers will even be able to make transfers in this vein without having to go through the motions of logging into an online banking interface for the second bank.

This is expected to be applied in situations where the transfer is taking place between family and friends.

There will be no fees applied to the service for users of the Revolut app, the firm said.

Earlier in the year, Revolut, which is a digital-only institution, opened up services in France, Italy and the Republic of Ireland.

In a press release, Revolut specified the German financial institutions that were now connected to Revolut as a result of the change. 

It also emphasised the centrality of its smartphone app in this arrangement.

“With the new feature, German customers can now connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with the Revolut app and view all their finances in one place – directly from their smartphones,” it said.

It also explained the safety aspects of working alongside TrueLayer.

“The use of the TrueLayer platform ensures that account information from major German banks is securely integrated and updated in real time in the Revolut app,” it said.

TrueLayer describes itself as “the leading technology company” working to offer financial infrastructure access.

It was set up in 2016 and, according to its LinkedIn page, operates in markets such as Europe and Australia.

It also claims to work with companies of various sizes.

“By making the power of open banking accessible through our platform, TrueLayer enables developers across any industry – from startups to enterprises – to reinvent financial services,” it said.

The firm is based in London.

Do you want to read a review of Revolut’s online money transfer services?

If so, just head over to this page and check it out.

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