Revolut announces its first Open Banking connection for SMBs with Intuit QuickBooks

Revolut has today announced that Revolut for Business customers with businesses registered in the UK can now make direct and secure connection into the Intuit QuickBooks Online accounting platform via Open Banking APIs. This will be the first time that Revolut has collaborated with a third-party provider to use the advanced functionality of the new Open Banking government-mandated APIs and demonstrates a huge step forward for UK businesses*.

By connecting accounts with QuickBooks financial management software through Open Banking, business owners are able to get close to real-time updates on their payments, expenses and cash balances – exactly when they need it. Combining this rich financial data with business commitments such as payroll, outstanding invoices, debtors and taxes due, gives a small business owner total visibility and control of their cash flow at a glance. This Open Banking integration with Quickbooks reaffirms Revolut’s commitment to democratise access to business accounts, to help businesses get off the ground and to save entrepreneurs around the world time and money with a radically better business account.

Commenting on the collaboration with QuickBooks, Domenico De Fano, Product Owner at Revolut for Business said;

“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.  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.”

The benefits of Open Banking connections for small businesses are extensive and, as the UK continues to adapt to the new legislation, those customers will be able to:

  • Have significantly more control over who gets to see and access their data

  • Access up to two years of historical financial transaction data instantly

  • Gain confidence in accurate and fast data transfer of financial information

  • Provide deep interconnectivity between banks, financial institutions and third-party providers (TPPs) for better business insights

  • Rely on higher security standards and more stable connections through the cloud

Shaun Shirazian, Head of Product Europe for Intuit QuickBooks, said:

“Our customers are at the heart of everything we do and we’ve been listening to what they want.  Ensuring that we can provide a best-in-class accounting solution through fully open APIs with Revolut is just the start of what we’re going to offer them through Open Banking.  With cleaner and more robust banking data, coupled with the AI and machine learning capabilities within our software, we know that small businesses will be so much closer to mastering their company’s cash flow.”

Revolut for Business is continuing to add further products and services to its offering, including company-wide expense management and a much anticipated end-to-end acquiring solution.

Businesses can sign up for a free Revolut for Business account immediately at www.revolut.com/business.

Author: Yash Hirani

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