If you choose to use Open Banking features, Revolut can access data from your accounts at other banks and financial institutions.
This analysis describes what Revolut's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
Open Banking access gives Revolut visibility into your full financial picture across multiple institutions, which is more extensive than data collected solely from your Revolut account activity.
Interpretive note: The document does not fully detail which specific downstream uses are made of Open Banking data beyond service delivery, creating uncertainty about the full scope of its use in profiling or eligibility assessments.
This provision means that if you connect your other bank accounts through Open Banking, Revolut can collect and use your transaction history, balance information, and account details from those external accounts, which may be used in profiling, credit assessment, or product eligibility decisions.
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"give us access to your other financial accounts (for example, through Open Banking)— Excerpt from Revolut's Revolut Privacy Policy
(1) REGULATORY LANDSCAPE: Open Banking data collection in the UK is regulated under the Payment Services Regulations 2017 (implementing PSD2) and overseen by the FCA and the Open Banking Implementation Entity. Access to third-party account data requires explicit consumer consent and is subject to strict purpose limitation. UK GDPR applies to the personal data collected through Open Banking, requiring a documented lawful basis, typically consent or legitimate interests, for each use of that data beyond the immediate service delivery purpose. (2) GOVERNANCE EXPOSURE: Medium. The breadth of data accessible through Open Banking, including detailed transaction histories from other institutions, creates a significant data minimization and purpose limitation obligation. Using Open Banking data for purposes beyond the specific service the user connected their account for, such as profiling for unrelated product eligibility, may require separate consent or a clearly documented legitimate interests assessment. (3) JURISDICTION FLAGS: UK PSD2 implementation governs the access mechanism. If Revolut operates Open Banking-equivalent services in EEA jurisdictions through its EU entities, EU PSD2 and GDPR apply in parallel. Any transfer of Open Banking data to third countries triggers UK GDPR international transfer obligations. (4) CONTRACT AND VENDOR IMPLICATIONS: Where third-party Account Information Service Providers (AISPs) or Payment Initiation Service Providers (PISPs) are used to facilitate Open Banking access, data processing agreements must clearly delineate the scope of data access, permitted uses, and retention periods. (5) COMPLIANCE CONSIDERATIONS: Legal teams should confirm that the scope of data collected via Open Banking is clearly disclosed to users at the point of connection and that data minimization principles are applied, collecting only what is necessary for the stated purpose. Data retention schedules for Open Banking data should be reviewed against UK GDPR requirements.
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Open Banking access gives Revolut visibility into your full financial picture across multiple institutions, which is more extensive than data collected solely from your Revolut account activity.
This provision means that if you connect your other bank accounts through Open Banking, Revolut can collect and use your transaction history, balance information, and account details from those external accounts, which may be used in profiling, credit assessment, or product eligibility decisions.
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