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Revolut obtained the banking operating license from the European Central Bank in December 2018. At the moment, the representatives of the Lithuanian company are working on the license “passport” in Romania. “Romania is a priority for us and we hope that we will carry out the license passport during this year, and when this is solved, the money that each user has in their account will be covered by the deposit guarantee scheme, in the context that it will also have the possibility of offering credit ”, explained Irina Nicoleta Scarlat, Global Head of Growth at Revolut.
The high interest rates on loans in Romania represent potential, from the point of view of Revolut representatives, who set out to exploit it.
“We also want to enter the credit market because there is huge potential because the interest rates charged in Romania are very high. Our country is very poor compared to other EU countries, where interest rates are much lower. , and we want to diversify our portfolio of products and services in this direction as well, which will happen after we pass the banking license. ”Scarlat added.
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Over 1.25 million local IBANs provided by Libra Internet Bank
Libra Bank will provide Romanian IBANs for all Revolut card accounts, following a recently signed partnership, Emil Bituleanu, General Manager of Libra Internet Bank, announced today. It is the only bank in Romania that will provide local IBANs.
“This is about our ability as a bank to issue more than a million IBANs. It must have the technological capacity to issue such a large number. So the technology is the API, through which the Libra and Revolut interfaces are interconnected. It is a relatively recent technology, the bank’s responsibility goes in two directions, in the first place we have a contract with Revolut, and in this contract negotiation limits are established and they must be careful, being their clients, we have no way of intervening a path ” , Bituleanu also affirmed.
Revolut has a contractual obligation to “manage risks”, that is, to detect and sanction possible money laundering operations. Furthermore, in this regard, there are internal Libra Bank procedures through which potentially suspicious types of transactions are followed.
“In case we notice something that does not comply, we ask Revolut for additional information on certain transactions, without knowing the client. We tell Revolut” we have notified client X of this transactional typology “, and he is obliged to verify,” he added . Bituleanu.
Libra Bank cannot seize money from the Revolut card
“If Libra Bank receives an attachment request from ANAF, we will not be able to process it, because we do not know who the respective user of the IBAN is. We, in this scheme, are technology providers, the respective clients are still the clients. Revolut, although they have IBANs issued by Libra Bank ”, stated Bituleanu.
An eventual request received by Libra Bank from the Romanian authorities is sent to Revolut, which takes over the paperwork.
How Romanian IBANs will work
“IBANs will be available in the Revolut app until the end of this week. Unfortunately, in the Romanian market we still see IBAN discrimination. Until now, in traditional banks there were many restrictions for Revolut users because, although in the national currency , “Our IBAN was unable to collect their wages directly from Revolut accounts, because most local banks do not allow cross-border transactions in lei,” said Irina Scarlat, Revolut representative in Romania.
On the other hand, users could not directly fund the account in lei and could not collect money from other users of bank accounts opened in Romania.
“With the opening of IBAN in RON, a wide range of opportunities opens up for our users,” said the representative of the Lithuanian company.
According to her, when the company can grant loans, first it will be the retail clients, then those who take their salaries through Revolut accounts will have priority.
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