Wise 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.

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.

A specific Central Bank of Ireland authorisation that permits a firm to issue electronic money (prepaid balances, e-wallets, cards) and provide payment services. EMIs cannot take deposits and customer funds are safeguarded, not insured.

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 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.

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.