Metro Bank Warning

colsten

Revolut has a licence for e-money. A bit like Paypal, or prepaid debit cards. They are a fintech but so are Starling and Monzo, who both hold UK banking licences.

OceanSound

colsten said:

Revolut has a licence for e-money. A bit like Paypal, or prepaid debit cards. They are a fintech but so are Starling and Monzo, who both hold UK banking licences.

So, what's the answer ? How do we distinguish the fintechs with banking licenses (e.g. Starling and Monzo) from the one's that haven't (e.g. Revolut) ? Say 'Fintech with banking license Monzo....' when wanting to say something about them, and say 'Fintech without banking license Revolut....' when saying something about Revolut? Or just say 'Revolut' since everyone is already aware of the nature of the beast.

colsten

I suppose call it a bank if it is a bank, and don't call it a bank if it is not.

OceanSound

tempus_fugit said:

OceanSound said:

colsten said:

OceanSound said:

Security systems of banks can throw the occasional wobbly. Revolut is a case in point. I believe the FCA was involved.

Please can people stop referring to Revolut as a bank until their [late] application for a UK banking licence has actually been granted.

I take your point that we are still unaware if Revolut can pass the same stringent tests that a bank with a banking license can (has).

Anyhow, do you mind suggesting a noun that we could use with such entities? is it fintechs? so refer to Revolut as 'Revolut fintech'? ...or plain old 'Revolut'?

What's the nomenclature when it comes to this type of beast?

Aspiring bank maybe. 😉😁

   good heavens. So, we say 'aspiring bank Revolut' or 'Revolut aspiring bank' everytime we refer to it?
Doesn't really roll off the tongue. Does it?

OceanSound

colsten said:

I suppose call it a bank if it is a bank, and don't call it a bank if it is not.

I suppose we could start here (with articles by news reporters of moneysavingexpert):
https://www.moneysavingexpert.com/news/2018/03/revolut-to-allow-customers-to-pay-via-virtual-disposable-card/
Quote:

Challenger bank Revolut is to let customers create disposable virtual cards to make purchases online, in a bid to stamp out fraud.

From today premium customers of the digital bank, who pay £6.99 a month, will be able to use their Revolut app to generate card details that are then destroyed after being used for a transaction. The app will then automatically create a new set of disposable details for your next online purchase.

colsten

OceanSound said:

colsten said:

I suppose call it a bank if it is a bank, and don't call it a bank if it is not.

I suppose we could start here (with articles by news reporters of moneysavingexpert):
https://www.moneysavingexpert.com/news/2018/03/revolut-to-allow-customers-to-pay-via-virtual-disposable-card/
Quote:

Challenger bank Revolut is to let customers create disposable virtual cards to make purchases online, in a bid to stamp out fraud.

From today premium customers of the digital bank, who pay £6.99 a month, will be able to use their Revolut app to generate card details that are then destroyed after being used for a transaction. The app will then automatically create a new set of disposable details for your next online purchase.

Look, I do not care one iota about people promoting false information.

It is very easy to check whether a company is a bank in the UK, by checking whether they have a UK banking licence. Feel free to post the link to the Revolut UK banking licence. You could also send the link to Revolut, so they can update their own website accordingly. 

OceanSound

colsten said:

OceanSound said:

colsten said:

I suppose call it a bank if it is a bank, and don't call it a bank if it is not.

I suppose we could start here (with articles by news reporters of moneysavingexpert):
https://www.moneysavingexpert.com/news/2018/03/revolut-to-allow-customers-to-pay-via-virtual-disposable-card/
Quote:

Challenger bank Revolut is to let customers create disposable virtual cards to make purchases online, in a bid to stamp out fraud.

From today premium customers of the digital bank, who pay £6.99 a month, will be able to use their Revolut app to generate card details that are then destroyed after being used for a transaction. The app will then automatically create a new set of disposable details for your next online purchase.

Look, I do not care one iota about people promoting false information.

It is very easy to check whether a company is a bank in the UK, by checking whether they have a UK banking licence. Feel free to post the link to the Revolut UK banking licence. You could also send the link to Revolut, so they can update their own website accordingly. 

You obviously cared enough to flag it when I wrote an 'incorrect/false' piece of information (by calling revolut a bank).
Now you're backtracking and saying people can check if they are really a bank. You've also not been able to suggest what we should call it either. 

Seems we've started talking past each other. I've never said or implied in any of the posts that I think Revolut has a banking license. You really should read the posts properly before replying.

OceanSound

colsten said:

Revolut has a licence for e-money. A bit like Paypal, or prepaid debit cards. They are a fintech but so are Starling and Monzo, who both hold UK banking licences.

That would make Starling and Monzo fintech banks, whereas revolut would just be a fintech.

colsten

OceanSound said:

colsten said:

OceanSound said:

colsten said:

I suppose call it a bank if it is a bank, and don't call it a bank if it is not.

I suppose we could start here (with articles by news reporters of moneysavingexpert):
https://www.moneysavingexpert.com/news/2018/03/revolut-to-allow-customers-to-pay-via-virtual-disposable-card/
Quote:

Challenger bank Revolut is to let customers create disposable virtual cards to make purchases online, in a bid to stamp out fraud.

From today premium customers of the digital bank, who pay £6.99 a month, will be able to use their Revolut app to generate card details that are then destroyed after being used for a transaction. The app will then automatically create a new set of disposable details for your next online purchase.

Look, I do not care one iota about people promoting false information.

It is very easy to check whether a company is a bank in the UK, by checking whether they have a UK banking licence. Feel free to post the link to the Revolut UK banking licence. You could also send the link to Revolut, so they can update their own website accordingly. 

You obviously cared enough to flag it when I wrote an 'incorrect/false' piece of information (by calling revolut a bank).
Now you're backtracking and saying people can check if they are really a bank. You've also not been able to suggest what we should call it either. 

Seems we've started talking past each other. I've never said or implied in any of the posts that I think Revolut has a banking license. You really should read the posts properly before replying.

You misunderstand. I do not care about people who promote false information but I do very much care about false information. 

Anyway. End of this discussion for me as I have a life to live.

OceanSound

colsten said:

OceanSound said:

colsten said:

OceanSound said:

colsten said:

I suppose call it a bank if it is a bank, and don't call it a bank if it is not.

I suppose we could start here (with articles by news reporters of moneysavingexpert):
https://www.moneysavingexpert.com/news/2018/03/revolut-to-allow-customers-to-pay-via-virtual-disposable-card/
Quote:

Challenger bank Revolut is to let customers create disposable virtual cards to make purchases online, in a bid to stamp out fraud.

From today premium customers of the digital bank, who pay £6.99 a month, will be able to use their Revolut app to generate card details that are then destroyed after being used for a transaction. The app will then automatically create a new set of disposable details for your next online purchase.

Look, I do not care one iota about people promoting false information.

It is very easy to check whether a company is a bank in the UK, by checking whether they have a UK banking licence. Feel free to post the link to the Revolut UK banking licence. You could also send the link to Revolut, so they can update their own website accordingly. 

You obviously cared enough to flag it when I wrote an 'incorrect/false' piece of information (by calling revolut a bank).
Now you're backtracking and saying people can check if they are really a bank. You've also not been able to suggest what we should call it either. 

Seems we've started talking past each other. I've never said or implied in any of the posts that I think Revolut has a banking license. You really should read the posts properly before replying.

You misunderstand. I do not care about people who promote false information but I do very much care about false information. 

Anyway. End of this discussion for me as I have a life to live.

So, if one was a Revolut customer and someone asks them 'who do you bank with?' the answer according to you cannot be 'Revolut' (as they are not a bank). Does the Revolut customer need to say 'I don't bank with anyone. I'm with Revolut who doesn't have a banking license yet'.  Seems a bit long winded. That's how come I've asked you what should we call Revolut. You've not yet answered.

Anyway, holding a financial institution (where a customer can receive their salary or wages) to a different standard because they are 'not a bank', looks like an easy cop out. Same as the hair splitting between those who 'promote' false information and false information. Just because they are/were part of MSE you've modified your 'standard' to have an exclusion for 'promoting' false information. Nevermind leading a life, how about growing a back bone