NEWS
IBS Journal December 2017
09
Revolut goes into overdrive with new licence, processor and director
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evolut has applied for a European Banking Licence and begun building its own in-house payment processor, as the fintech aims to become a global banking app.
Revolut expects to receive the licence in the first half of 2018 and will immediately begin offering deposit and credit services in selected markets; including overdrafts, personal loans and term deposits.
Customer funds will be protected up to €100,000 under the European Deposit Protection Scheme.
Revolut has also made three new appointments as non-executive directors with seniority in the industry to help with governance during expansion.
Recently, Revolut has established a relationship with the Bank of Lithuania, a member of the European System of Central Banks. The aim of this is to ensure robust capital and liquidity management in advance of their banking licence application.
Revolut believes that Lithuania is one of the most exciting fintech hubs in Europe right now, with an infrastructure and consultative regulatory approach is designed to support high growth companies.
“We delayed applying for a banking licence because we wanted to focus all of our resources on product innovation from day one,” commented Nikolay Storonsky, founder and CEO of Revolut. “Even without a banking licence, we have attracted over 950,000 users across Europe, many of whom consider Revolut as their primary current account and spending card.
Bank of Commerce and Development to deploy suite of Finastra services
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ibya-based Bank of Commerce and Development (BCD) has tapped up Finastra to help support its digital transformation and bring “new services” to consumers.
BCD selected Finastra’s FusionBanking Essence Islamic, FusionBanking Essence Digital Channels and FusionBanking Teller. The deal was officially signed at the vendor’s regional showcase, Finastra Universe Dubai.
BCD is a long-time user of Finastra products. The bank is underpinned by the vendor’s FusionBanking Equation core banking system. It also deploys FusionBanking Trade Innovation.
The new technology, says Finastra, will enable BCD to roll out digital payments services for consumers and merchants, who will also be able to request and receive payments without having to exchange cash.
Given the shortage of liquidity in Libya, this move will help the bank to support the economy and continue to grow. FusionBanking Essence Islamic will provide pre-configured Shari’ah compliant products, ensuring “rapid time-to-market” and “new revenue opportunities” for BCD.
“We’ve been working with Finastra for a long time and its technology has supported us as we’ve established ourselves as a leading bank in our region, despite the economic climate here in Libya,” said Jamal Abdelmalek, chairman at BCD.
“We’ve been able to grow and continued to operate our branches amidst a challenging backdrop and it is a logical step to build out our offering on technology which we trust. We are confident that deploying these Finastra solutions will support us as we continue to expand our business.”
www.ibsintelligence.com
Markus-Spiske.
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