Earlier this morning, the customers of Revolut were not able to use the app of the digital bank after the company suffered some kind of technical glitch.
Today, the Revolut app was not able to process money transfers and card top ups for at least four hours while the challenger bank tried to look for a solution for the problem.
The outage comes amidst a difficult time for the fintech firm after the announcement that Peter O’Higgins, the chief finance officer of the company, stepped down from his position amid the reports of a money laundering scandal at Revolut.
In a report that was published by the Telegraph, it said that Revolut had switched off an automated system that was designed to prevent suspicious money transfers, possibly allowing thousands of illegal transactions between the period of July and September 2018.
Nikolay Storonsky, the chief executive officer of the the company, has since denied the reports that Revolut was not able to meet regulatory or legal requirements.
In a blog post, Storonsky disclosed: “We conducted a thorough review of all transactions that were processed during this time, which confirmed that there were no breaches.”
The Revolut CEO also refuted that claims that the resignation of O’Higgins was linked to the alleged compliance issue.
He stated: “Peter has decided to step down on the basis that he feels that the business will require someone with global retail banking experience as we prepare to apply to become a licensed bank in multiple jurisdictions.”
Reportedly, the Financial Conduct Authority (FCA) is currently looking into the claims.
A spokesperson from the FCA stated: “We are aware of the article but had not received the letter that was referred to in it. We have been in contact with the firm to understand and assess the issues the article raises.”
He added: “The FCA expects all firms to have appropriate systems and controls in place at all times to monitor and counter the risk their services are abused for financial crime.”