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What is Open Banking and how does it work?

Open Banking allows third party institutions to securely access your financial data if you give them permission to do so, which enables transparency and personalised services. 

Allowing two services to communicate via Open Banking can streamline steps to verify information, lets you sync information between different business platforms, and overall helps you save time doing things securely online. You can integrate your Revolut Business account to a range of other business platforms through Open Banking.

You can also use Open Banking for payments. It allows you to send and receive transactions directly from your accounts through service providers, or third-party providers (TPPs).

Your explicit approval is required to access your financial data or to pay, learn more here. You can revoke this approval at any time.