Fintech unicorn and challenger bank Revolut has launched Connect, an open banking platform for business banking

Revolut users who have business accounts will now be able to build integrations with popular business apps such as FreeAgent, Slack and Xero.

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Within Connect, users can access everyday business tools and apps.

The challenger has stated that it is currently signing up over 120 businesses per day to Revolut for its business accounts across the UK and Europe. 60,000 have already joined.

Existing users have sent over $350m in transfers since the service launched last June, which Revolut estimates has saved its businesses over $14m in fees to date. The challenger wants to be able to provide services to businesses in a more efficient and seamless way than traditional banks.

Modern businesses live and operate online, using a wide variety of apps and tools to streamline operations, serve customers effectively and process payments instantly – with as few fees as possible.

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The announcement comes after Revolut recently announced its open API that enables businesses to automate daily tasks and internal workflows with actions such as scheduled and mass payments, adding counterparties, as well as webhooks so businesses are notified of new transactions.

To all businesses, privacy and security are critical. With GDPR in place, the way a company stores and shares data has become even more important. Revolut has ensured that through Connect, businesses control their data. When they sign up to use Revolut Connect, it is the business that decides what data can be used. If a business no longer wants that data used, they can pause or completely stop sharing it at any time.

Domenico De Fano, product owner for Business at Revolut, stated:

“Modern businesses work with a multitude of apps and tools that help them simplify their work. Obviously there is accounting, but also other things like payroll, communication, expense management and more. Traditional banks have historically been closed to the outside world: at Revolut we want to do the opposite.

“We want to help businesses safely connect their finances to the tools they love. At the same time, we want to work with developers and innovators that want to build on top of our platform to create useful apps and integrations for businesses. This is why we’ve built Revolut Connect.

“Revolut Connect and our open API are all part of our vision to build the most seamless business banking platform in the world. We are currently working on a developer portal to allow third-parties to build apps and integrations that they can then publish on Revolut Connect and open to the thousands of businesses on our platform. It’s an exciting perspective that will change the way businesses manage their finances, saving time and enabling new use cases.”

Revolut are working to make the API available to developers, so that they can leverage its capabilities to create their own integrations and apps to share with Revolut’s customers.