The neobank said it gained 5,000 new business customers in Ireland over the past year and expects existing accounts to have local IBANs in two months.
Revolut is giving business clients in Ireland access to Irish IBANs to make direct debit payments easier.
Until now, Revolut business customers have been using Lithuanian IBANs, which may have caused issues for some accounts. This has been the case since 2020 when the company had to move its Irish accounts to the Eastern European country due to post-Brexit licensing issues.
The fintech giant said local IBANs are more widely accepted by utility providers and tax authorities, reducing the need for complex paperwork.
Existing Revolut business accounts are expected to receive new Irish IBANs within two months. The fintech company said a “limited number” of IBANs can be requested in advance by filling out a form.
The company said the roll-out of local IBANs comes amid a period of growth, as the online bank took on 5,000 new business accounts in Ireland over the past year.
Revolut Business GM James Gibson said its products and features portfolio has expanded over the years to give business customers a “comprehensive platform to manage all their finances effectively”.
“We are excited to be able to offer local IBANs to corporate clients in Ireland and to continue expanding our service,” Gibson said. “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.”
Revolut, which is headquartered in London, first revealed it was launching Irish IBANs in January after the neobank achieved official status as a bank in Ireland.
The latest move for corporate accounts follows Revolut switching roughly 2m Irish consumer customers to Irish IBANs in April.
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