Why are there transactions with the description Revolut Payments UAB and Revolut Bank UAB on my Account Statement?

In the past, all transfers and payments were conducted out of your Revolut Payments UAB e-money account. To fund these transactions, there used to be a transaction between Revolut Payments UAB and Revolut Bank UAB. This looked like money leaving your demand deposit account and crediting your e-money account. There was a “money-out transaction” on your Revolut Bank UAB statement and a “money-in transaction” on your Revolut Payments UAB statement.

We aimed to keep as much balance as possible in your demand deposit account, so there were transfers into your Revolut account that generated another set of transactions to transfer over to the demand deposit account.

As of the 1 July, when both Revolut Payments UAB and Revolut Bank UAB have been merged, all of the Account Statements will include reference for Revolut Bank UAB only but prior period Account Statements will contain both.