UK's Prudential Regulation Authority (PRA) grants Revolut full banking licence
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UK's Prudential Regulation Authority (PRA) granted Revolut a full UK banking licence allowing it to hold customer deposits and offer retail and business current accounts, and the firm will begin introducing current accounts to a small number of new customers within days.
Why it matters
Firms and partners can no longer rely on Revolut's prior restricted status when designing custody, routing or contractual arrangements. Compliance and treasury teams must treat Revolut as a regulated deposit-taker and update counterparty, customer‑onboarding and reconciliation processes accordingly.
Implications
- • Corporate treasury teams that use Revolut for business banking must update their bank master files and authorisations before routing client funds to new Revolut current accounts, otherwise payments and reconciliations will fail.
- • Payments integration teams at fintech partners and payment processors must validate technical routing and contractual terms with Revolut before sending live traffic to its new accounts, otherwise automated payment flows risk interruption.
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