Revolut has announced that it has applied for a European banking licence.
The digital banking app – which launched in 2015 – has created a number of features for its customers, ranging from multi-currency accounts and fee-free money transfers to instant credit and new business accounts.
Revolut has previewed a number of features that it plans to introduce to the banking app once it has received its European banking licence, including overdrafts and personal loans.
One of the most important benefits that Revolut will be granted upon obtaining a banking licence will be that customers' funds up to €100,000 (approximately £85,000) will be protected under the European Deposit Protection Scheme (EDPS).
The digital bank currently offers recurring payments, but once the banking licence has been put in place, it will allow its customers to set up direct debits through their account.
Revolut hopes to have built its own in-house payment processor by the time it receives the banking licence; this will allow the digital bank to offer its users a much more reliable service and significantly reduce the risk of outages that are out of its control.
The digital bank has been using third-party providers to manage its payments process, but as it approaches the one million-user mark, it will manage its payment processing internally.
Once Revolut has been granted its European banking licence, users will be able to:
• have their salary paid directly into their Revolut account
• set up and manage direct debits for phone bills, car insurance etc
• use overdraft facilities and manage them directly through the Revolut app
• take out a personal loan at competitive rates
• save and earn interest on their term deposits.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Revolut granted European banking licence
Revolut has announced that it has secured its European banking licence...
Starling hires head of SME banking
Starling Bank has announced the appointment of Stuart Doignie as its head of SME banking...
Local brewery secures backing from Development Bank of Wales
The Development Bank of Wales has part-funded a £134,000 capital investment project by Wild Horse Brewing Company...
Metro Bank adds international payments to mobile app
Metro Bank has enhanced its mobile app with the introduction of international payments for its personal and business customers...
How digital technology can help high street banks innovate
As society moves more and more towards a digital future, the closure of retail bank and building society branches is anticipated to accelerate...
Mortgage Industry Collective releases charity single
A group of mortgage professionals have collaborated to release a Christmas charity single to raise money for End Youth Homelessness...
City of London Group appoints first NED for Recognise
City of London Group PLC (COLG) has named Simon Wainwright (pictured above) as the first non-executive director for its subsidiary Recognise Financial Services...
BBB names network director for North and Midlands
The British Business Bank (BBB) has appointed Geoff Whiteland as its new UK network director for the North of England and the Midlands...
Wyelands Bank completes ABL deal for stainless steel supplier
Wyelands Bank has completed a seven-figure, asset-based lending deal for AD Bird Stainless Limited...
Axis Bank names new MD and CEO
Axis Bank Ltd has announced that Shri Amitabh Chaudhry will become its new CEO and managing director...
Co-operative Bank to apply for grants from RBS fund
The Co-operative Bank has announced it will apply for funding from the RBS alternative remedies package as it looks to grow its presence in the business banking market...