Revolut Business

The legal and procedural framework that banks and electronic money institutions must operate under to detect and prevent money laundering and terrorist financing. AML compliance is a condition of holding a banking or e-money licence from the Central Bank of Ireland.

Ireland's financial regulator and gatekeeper for banks, payment firms, e-money issuers, MiFID investment firms and insurance providers. Maintains the public CBI register and operates the Fitness and Probity regime for senior staff at regulated firms.

Daily mid-market euro exchange rates published by the European Central Bank at 16:00 CET. The benchmark used by fintechs like Wise to price FX conversions and by Irish businesses to verify how much their bank marks up currency conversions.

The process of matching employee or company card spend against receipts, bank statements, and accounting entries to confirm that all business expenditure is properly categorised, approved, and recorded before a VAT return or audit.

Software and platforms that deliver financial services - banking, payments, lending, insurance, wealth - through technology rather than branch-based incumbents. In Ireland, fintech firms are regulated by the Central Bank of Ireland.

The markup a bank or fintech platform charges above the interbank mid-market exchange rate when converting currencies. A 2% FX margin on a USD 10,000 payment costs the Irish business EUR 200 compared to converting at the mid-market rate.

International Bank Account Number issued by Irish-based banks. 22 characters starting with IE, includes a 6-digit sort code and 8-digit account number. Required for SEPA payments.

Identity and beneficial ownership checks that banks and e-money institutions must complete before onboarding a business. Irish SMEs encounter KYB when opening a Revolut Business or Wise account - CRO registration, directors, and UBO are verified.

A four-digit code assigned by Mastercard and Visa to every merchant based on the type of goods or services they sell. Spend management platforms use MCC codes to auto-categorise card transactions and enforce per-category budget controls before purchase.

A business account that holds balances in multiple currencies simultaneously, allowing Irish SMEs to receive, hold, and pay in USD, GBP, EUR and other currencies without converting each time.

A digital-first, app-led account provider with no physical branches. Some hold full credit-institution licences; many operate as Electronic Money Institutions (EMIs) or under EU passporting rather than Irish bank authorisation.

EU regulatory framework that lets authorised third parties access bank account data (AIS) and initiate payments (PIS) on the customer's behalf. The basis for live bank feeds and payment-initiation tools.

The PSD2-mandated regime under which Irish banks expose regulated APIs that authorised third-party providers (TPPs) can use to read account data (AIS) or initiate payments (PIS) on a customer's consent.

The EU directive governing payment services and payment service providers across the EEA. Transposed into Irish law by SI 6/2018 (European Union (Payment Services) Regulations 2018). Created the open banking and Strong Customer Authentication regimes.

Article 17 of Commission Delegated Regulation (EU) 2018/389 (the PSD2 SCA RTS) exempts dedicated corporate payment processes from per-transaction Strong Customer Authentication, where the payer is a business and not a consumer.

Vendors.ie term for the integrated four-layer workflow that moves an Irish SME from a business spend transaction to a Revenue-compliant VAT reclaim line without manual data entry: card or bank feed, receipt capture, VAT extraction, and accounting integration.

Standard EUR-denominated bulk payment scheme used to pay suppliers, salaries and Revenue liabilities from Irish business bank accounts. Settlement within one business day across SEPA.

PSD2 requirement that electronic payments use two of three authentication factors: knowledge (PIN), possession (phone or token) and inherence (biometric). Applies to Irish card and bank payments.

A card number, expiry date, and CVV issued digitally without a physical card. Spend management platforms issue virtual cards per employee or per vendor to enforce budget controls without waiting for a physical card.

Up to EUR2,500 on a 50:50 cofunded basis to build or enhance an e-commerce website, run digital marketing, or migrate to a new online platform.