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by datahack 3566 days ago
Yea. Came here to say what the previous commenter said. This basically sounds like Revolut.
1 comments

Yes both Revolut and centtrip have marketed their products to only consumers (travelers) where as the concept of multicurrency accounts is very useful to business as well. Not just individuals. The customer acquisition strategy is like Revolut but the larger goal is not (Not that I can say what they have in mind,long term).
Revolut just announced business accounts. https://business.revolut.com
Ha! didn't know. Any way Revolut works in partnership with barclays. There are other banks to whom the service will be valuable.

Out of curiosity by just do you mean today?

I think it was at the start of this week.

They use Barclays as their backend but is anything of that visible to their customers?

It should be on bank statements and on the card. What I was trying to say though was that the fact that Barclays has a system like Revolut is a problem for other banks that don't have a system like that. So our solution is still valuable for them.
The idea of using Barclays, or any 3rd party bank, is just to get enough traction so they have their own participation method later. Also it doesn't show Barclays on the statement from my usage - it shows the end merchants details. I didn't really know it was Barclays till now.

Barclays has been known to help startups by lending them their (global) infrastructure in the UK. Another Example is Dopay where Egyptian Barclays ATMs have been lent out.

The Bank of England is moving towards allowing non banks to participate in the payments system by 2020, its supposedly blockchain secured so it goes a notch above what a sole bank/firm could do. Revolut could theoretically switch from Barclays then.