Revolut has enhanced its collaboration with BearingPoint RegTech, as it continues to boost compliance capabilities.
As part of the extension, the digital bank will continue use of the Abacus360 Banking solution, as it faces new regulatory requirements after opening a bank in the United Kingdom.
Joel Kass, Head of Bank Strategy and Development at Revolut, commented: “For us, the key strengths of Abacus360 Banking are the smooth reporting process and the ability to respond quickly and easily to our regulatory requirements.
“In addition, the software makes an important contribution towards streamlined and standardised reporting processes and therefore makes reporting processes more efficient. This is the reason why we chose BearingPoint RegTech as our preferred partner for going forward.”
The link also comes at a time when Revolut continues to build on strong customer acquisition, as the digitalisation of banking accelerated throughout the pandemic.
Bodo Windmöller, Senior Vice President Product Management at BearingPoint RegTech, added: “We are pleased that we were able to convince Revolut with our software and services and that we now accompany their entry into the UK market as a bank.
“Our solution will cater for both national and international prudential reporting as well as statistical reporting, covering the scope Revolut requires in the UK. We are very much looking forward to an even more intensive partnership.”Earlier this month, Revolut strengthened its offering as it attempted to simplify cross-border payments between the US and Mexico via its remittance corridor.