Business users of Revolut are to get local Irish based International Bank Account Numbers (IBANs), in a move that should make it easier for them to make payments via direct debit.
It follows the rollout of Irish IBANs for consumer customers of the online bank here over the last number of months, after the company launched an Irish branch in March.
Up to that point, Revolut accounts in Ireland had Lithuanian IBANs as that is where the fintech's main European base for regulatory purposes was.
But this meant that some users were experiencing what is known as IBAN discrimination, where a service provider may have refused to accept payment from an account with an IBAN that is located in another country within the Single European Payments Area.
So far two million Revolut retail customers have been migrated over to the Irish IBAN.
Now Revolut says its 15,000 existing business account customers will get their new Irish IBAN automatically after two months.
If they wish to receive one before that, they can fill in a short form to get onto a priority queue that will see a limited number of local IBAN’s issued in advance of that date.
"We are excited to be able to offer local IBANs to corporate clients in Ireland and to continue expanding our service," said James Gibson, general manager of Revolut Business.
"Ireland is a really key market for us given the level of adoption we’ve seen there and we will continue to look for ways to support Irish businesses who operate at home and abroad."
The company said that provision of local IBAN accounts for Revolut Business’ sole trader and freelance customers in Ireland is currently being explored.
Since the migration of retail customers began, Revolut has claimed that direct debit mandates made by existing retail customers have risen by a third.
Revolut has been trying to capture some of the business leaving the departing Ulster Bank and KBC Bank Ireland over the past year or so, as both banks prepare to leave the country.
