Revolut announced a partnership today that is a direct result of new open banking standards. The U.K.-based challenger bank has integrated with QuickBooks to enable Revolut for Business customers to sync their transactions with the bookkeeping software.
In a blog post, Revolut said that this “demonstrates a huge step forward for U.K. businesses” and it’s the first time the company has collaborated with a third party provider to use the new Open Banking APIs.
“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,” said Domenico De Fano, Product Owner at Revolut for Business. “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.”
Merchants that connect their business accounts with Quickbooks will receive real-time updates on payments, expenses, and cash balances to help them manage payroll, invoices, and taxes.
Revolut debuted its digital banking technology at FinovateEurope 2015 in London where the company’s CEO and founder Nikolay Storonsky showed off the app’s money transfer capabilities that help users avoid banking fees without actually using a bank.
Earlier this month the company tapped investment bank JP Morgan to conduct a $500 million funding round and issue it a $1 billion convertible loan, which will turn into shares if Revolut receives a U.S. banking license. Last week, the company launched in Singapore and announced plans to make its products available in the U.S. in the next couple of months.