Digital financial institution Revolut mistakenly froze the accounts of a French firm, trapping 1000’s of euros, in a blunder that has raised questions over its compliance processes because it grows at breakneck velocity.
Priorité Energie, which helps low-income households in Paris to insulate their houses below a authorities initiative, was advised by Revolut by a web based chat message that it could not provide providers to the corporate.
Franck Boubli, boss of Priorité, mentioned that two accounts had been frozen for six weeks with out rationalization, trapping €300,000 (£251,000) and leaving him unable to pay employees.
The error occurred after Priorité transferred cash to one in all its suppliers within the Czech Republic. The provider was unable to ship the products, so it transferred again the cash, main Revolut