Libra Internet Bank is working with Revolut on enabling RON IBANs to the one million customers the UK based digital bank is servicing in the local market, according to Fintech Bites. Without a doubt, Libra is leading the race of FinTech partnerships in Romania, after deals with Paysera & Monese, and the Moneytou solution deployed as a white-label to Viber.
These partnerships for issuing IBANs make a perfect win-win example of banks – Fintech synergies, yet we may expect such openness at small banks that are eager to share their infrastructure in return for a fee. Libra Bank has around 50k cards, while Revolut has stated 1 MIL. accounts, an overwhelming difference.
Yet, Revolut has also fees at stake, because in some markets there’s a so-called „IBAN discrimination”, companies refusing to accept IBAN and BIC from Revolut.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
