Revolut experiencing app. problems

Brendan Burgess

Brendan Burgess

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www.irishtimes.com

Revolut hit by major problems as some users encounter difficulties using app

Some services completely unavailable while others have been hit by a slowdown
www.irishtimes.com www.irishtimes.com



Digital payments app Revolut has been hit by major problems as customers in Ireland and further afield find they are unable to use their account on their smartphones.

Some services are completely unavailable while others have been hit by a slowdown. Some customers are unable to sign into the app, while others cannot make card payments. Some users have also found that they cannot transfer money, or top up their accounts via their bank cards. Currency exchange is also affected.

I used my Revolut card in Tesco just now and it was fine.
 
Thankfully, it seems to be okay.

I bet this got a few people wondering how safe their funds were, given we don't have the same level of protection, as we do with a licenced Bank.

Actually, has anyone found themselves wondering why Revolut seems to be taking so long, to get through the Irish Central Bank's requirements?
 
It was down/slow for me during the Toy Show, where they were using it as one of the donation options. Stripe had brief issues during last year's Toy Show, although they coped fine with the load this year.
 
MrEarl said:
Actually, has anyone found themselves wondering why Revolut seems to be taking so long, to get through the Irish Central Bank's requirements?
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The Central Bank’s authorisation process is at the best of times, lengthy, tedious and cumbersome. It pays no regard to commercial imperatives and operates in a parallel universe to the banking and payments world.

In a previous life, I was involved in seeking a new authorisation for a well established Irish credit business from CBI and what could have been completed in three months took nine months plus. Add to that the relative lack of track record of Revolut operating in Ireland and they’re really up against it. The App’s crashes won’t help their cause.

In fairness to CBI, it will need to be assured that any entity seeking authorisation has all the appropriate systems in place to conduct business, including IT and technological systems, so as to ensure a satisfactory and safe customer experience.
 
Correct me if I'm wrong, but I think their application has been dragging on for about 3 years now. That's only for an e-money licence, not a full banking licence!

That seems fundamentally wrong, to me, even if you make allowances for the impact of Covid.

If its a No, from the CBI, then the decision should be publically conveyed, so that the public know that there are issues of concern - rather than just leave the application in limbo for years, without any decision.

Let's not forget, the CBI has a responsibly to the people of Ireland - and apparently circa 1,500,000 of us are Revolut customers!
 
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MrEarl said:
Correct me if I'm wrong, but I think their application has been dragging on for 3-4 years now. That's only for an e-money licence, not a full banking licence!

That seems fundamentally wrong, to me, even if you make allowances for the impact of Covid.

If its a No, from the CBI, then the decision should be publically conveyed, so that the public know that there are issues of concern - rather than just leave the application in limbo for years, without any decision.
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I agree.

Ever heard of the “slow no”?

I’ve seen it used as a ploy by Irish licensing authorities. Rather than refuse outright (which would allow the refused party to appeal or judicially review the decision), the authority drags things out ad infinitum, usually introducing new stipulations, hoping the applicant will give up and go away.
 
It certainly smells dodgy....

I've been searching online, and can find references to Revolut having applied for its Irish licence dating back about 3 years, so I've edited my post above - although my gut tells me it's been dragging on even longer.

What makes this all the more interesting, is that Revolut hold both e-money and full banking licences from other European counties - so, that says to me, that either the CBI don't agree with those other Central Banks, or the CBI are shamefully inefficient.
 
MrEarl said:
What makes this all the more interesting, is that Revolut hold both e-money and full banking licences from other European counties - so, that says to me, that either the CBI don't agree with those other Central Banks, or the CBI are shamefully inefficient.
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Why bother with an Irish banking licence? If they've an existing banking licence from elsewhere in the EU they can operate in Ireland under that. Once you're in one door you can walk through any of them.
 
MrEarl said:
....either the CBI don't agree with those other Central Banks, or the CBI are shamefully inefficient.
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Let's see now. Either our Central Bank is smarter than all those others, or they're shamefully inefficient. Gosh, I wonder which it might be?
 
skrooge said:
Why bother with an Irish banking licence? If they've an existing banking licence from elsewhere in the EU they can operate in Ireland under that. Once you're in one door you can walk through any of them.
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There's a little more to it, than that, as I recall - I think they still have to abide by local regulations for advertising, consumer protection etc. as memory services.

Anyway, if you were to follow that logic (and I'm not disagreeing with you btw), then ask yourself, why have Revolut bothered applying to the CBI, if they are already regulated elsewhere in the EU? It doesn't quite stack up, does it :)
 
MrEarl said:
There's a little more to it, than that, as I recall - I think they still have to abide by local regulations for advertising, consumer protection etc. as memory services.

Anyway, if you were to follow that logic (and I'm not disagreeing with you btw), then ask yourself, why have Revolut bothered applying to the CBI, if they are already regulated elsewhere in the EU? It doesn't quite stack up, does it :)
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You can see slight differences depending where you send money. I saved account details for a business in Estonia and you have to state the type of business. Did the same for a business in Latvia and wasn't asked.
 
MrEarl said:
There's a little more to it, than that, as I recall - I think they still have to abide by local regulations for advertising, consumer protection etc. as memory services.
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There are additional regulations for consumer protection but the CBI can't stop another European bank from operating here.

The emphasis is on notifying the home supervisor rather than the host (Ireland in this case)


Yes you've to abide by local consumer regs but that's not nearly the same hurdle as setting up a bank from scratch.

Looking at the following article the bank seems to be more focused on central Europe than here.


www.businessinsider.com

Revolut is operating as a bank in 10 Central European countries, and hopes to do so across the continent

Startup Revolut valued at $5.5 billion in 2020 has begun operating as a bank in 10 Central European countries and has plans to do the same in the UK.
www.businessinsider.com www.businessinsider.com
 
So, anyone care to try and explain why they've gone and applied for a licence here - and also, why it hadn't been forthcoming, after over 3 years?
 
Am wondering what the App being slow has to do with it’s Central Bank application?

It does not BTW have a full banking license in Lithuania.

Perhaps it’s application presents a miriad of issues that require resolving to keep its customers happy.

Curious to know, would you guys be banging on the Revolut drum or the Central Bank drum if they were authorised here and the App went down?

This is the age of digital banking, better get used to its quirks
 
Nordkapp said:
Curious to know, would you guys be banging on the Revolut drum or the Central Bank drum if they were authorised here and the App went down?
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If my internet dropped my first port of call wouldnt be comreg.

The CBI didn't cover itself in glory when Ulster's system crashed in 2012. Then again not much it could probably do at that stage.

If the CBI's website is anything to go by I'm not sure its in a position to throw stones when it comes to interfaces :p
 
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