Firstly, i’d like to say i’m very happy with my companies Revolut for Business account - we’ve mostly had a good experience with it and support is excellent!
Our business services a range of customers, some small some large. Small customers have no problem at all with our new bank details/IBAN and we’ve had great success receiving EUR/USD payments into the account.
However, we are running into repeat issues with our larger customers - these are the types of organisation with their own payments team, approval processes, “verified vendor” schemes, etc. Not a single one of these larger customers has been able to use our new bank details without us having seriously long verification processes.
The root cause of the problem (according to the customers) is that the IBAN for international payments is from a different country to our business (we are UK, IBAN is DK) and secondly that it does not verify with “popular” IBAN verification tools, where it fails with:
This BIC code is not listed in the SCL reachability directory, so we cannot report whether SEPA Direct Debit/B2B/COR1 are supported.
We’ve already got a letter from Revolut stating that we are indeed the owners of the bank account, however this is only useful after several days (in a few cases months) of wrangling.
I’ve taken the “issues” as far as possible with Revolut support, who say that the account details are valid and work, which is entirely 100% accurate.
My question is whether there are other businesses that have experienced the same issue with the Revolut account, and whether there are any suggestions to mitigate this type of “that isn’t your bank” response from our customers.