Revolut customers will be able to use the Yolt app to analyse all their transactions, including those made outside of the UK, as well as set budgets, monitor spending and manage their investments.

Yolt is a money management app which brings together all your current accounts, savings accounts, investments and credit cards, letting you check all your transactions and balances in one place.

It does this through Open Banking and Application Programming Interfaces (API) with partner organisations.

What is Open Banking?

Open Banking is a series of reforms about how banks deal with your financial information. New rules about Open Banking came into effect in January 2018.

The regulations mean all UK-regulated banks have to let you share your financial data with authorised providers offering budgeting apps, or other banks – as long as you give your permission.

Yolt has been involved with Open Banking since its inception in January 2018 and claims to be the first third party provider to connect with all of the UK’s nine largest banks. It has also integrated with  popular challenger banks Monzo and Starling Bank.

Leon Muis, chief business officer of Yolt Technology Services, said: “Yolt has been at the forefront of the UK’s Open Banking initiative since the very start and we’re extremely proud to be a proof-point for the everyday benefits of the initiative through the Yolt app. This latest integration with Revolut and the ability to see not only your transactions in the UK but also foreign transactions in one central place is just one example of the many ways Open Banking APIs can be leveraged to provide new and innovative services for consumers.

“We strongly believe that APIs are the connection of the future, which is why we have launched Yolt Technology Services (YTS). Our YTS team powers the Yolt app as well as other companies’ products and services offering, including ING, and PayVision. We’re excited to bring the consumer-focused Open Banking solutions we developed for the Yolt app, to a range of new businesses.”