Digital bank Revolut enables account switching across Europe
Although Revolut officially filed for its UK banking license in , it has held a challenger bank license from the European Central Bank (via the Bank of Lithuania) since December 2018. However, this particular authorisation precluded the provision of certain activities like investment services.
Now, indicate that Revolut’s customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia will be able to become full Revolut Bank customers. Doing so will protect customers’ deposits and allow them to claim up to €100k if the bank becomes defunct.
QR codes: Innovating payments
Always focused on the future, Revolut has also been exploring new payment options that are more suitable for social-distancing. This has included a remote payments solution in 2020 and, , QR codes for business customers.
“The popularity of QR codes has increased as this payment method is quick, easy and allows people to make socially distanced payments which are increasingly important during the global pandemic,” said Paulo Guichard, Product Owner for Acquiring at Revolut.
“We’ve removed the need for additional devices or hardware, as all business owners have to do is use their Revolut Business app and show customers a QR code to accept payments straight away through this efficient and touch free method.”
Paying with this method follows a simple four-step process:
- Open the Revolut Business app, create a ‘payment request’ and select ‘QR code’
- Select your desired currency, amount, and reference/description
- Display the generated QR code to the customer
- The customer will now be able to pay with their preferred platform (Apple Pay, Visa, Mastercard)
Image credit: Revolut
Webinar: Citizens Bank on reimagining banking processes
In Citizens Bank’s upcoming webinar, the company will discuss the enhancements of digital transformation on critical processes
As the banking industry begins to recover from the pandemic, many will be analysing lessons learned during the lockdown and questioning how things could be better in the new normal.
The landscape has altered and a new set of priorities has come to the forefront, not least of which are an enhanced focus on cybersecurity, fraud prevention, and the claims process.
Moving beyond legacy technology and manually-driven processes will be imperative; exploring automation tools, cloud, and data analytics are just a handful of the options available, but what’s the best way to implement them? Furthermore, what is a realistic roadmap for success?
All these questions and more will be answered by three industry experts: Tom Dixon, Senior VP at Citizens Bank; Marlando Rhule, Professional Services Director at Bizagi; and Darshan Jain, Senior Director at Blue Prism.