Revolut
Business has launched a new feature called RevTags, allowing users to make
transactions without the need for IBANs or additional beneficiary details. This
innovative feature is free of charge. It provides businesses with a convenient
way to make payments to individuals or other businesses in over 150 countries
and regions worldwide.
RevTags
will be immediately available to Revolut Business customers globally. Users
will have the capability to send and receive instant cross-border payments in
over 29 currencies within the Revolut network, which includes more than 30
million retail users and numerous businesses worldwide.
The
feature aims to streamline international transactions and eliminate fees
associated with traditional cross-border payments.
A
recent survey conducted by 72Point on behalf of Revolut Business highlighted
the need for faster and more cost-effective cross-border
payment solutions.
The
survey revealed that only one in ten businesses currently have the capability
to make instant cross-border payments, while 58% reported that their payments
typically take more than 12 hours to process. In addition, on cross-border
payments, 71% of respondents reported paying fees of 3% or more.
In
addition to RevTags, Revolut
Business customers in the UK will gain access to payout links. These links
enable businesses to make payments to customers and suppliers using a simple
URL, eliminating the need for account details.
Enhanced Efficiency, Cost
Savings, and Transparency for International Payments
Each
payout link provides recipients with options for receiving payments and allows
Revolut Business customers to track and manage payments directly from their
accounts.
James
Gibson, a General Manager of Revolut Business, said: “We are excited to
introduce our new zero-free payments
network with the launch of RevTags for
business customers.”
“Extending
the availability of this feature to Revolut Business customers, paired with the
launch of payout links, marks a significant milestone in our mission to make
cross-border payments
fee-free, instant, and seamless for businesses operating
globally.”
Revolut
Business’s introduction of RevTags and payout links demonstrates its commitment
to simplifying and enhancing cross-border payment experiences for businesses.
These
features are poised to make international transactions more
efficient, cost-effective, and transparent, ultimately benefiting businesses
and their partners around the world.
Revolut
Business has launched a new feature called RevTags, allowing users to make
transactions without the need for IBANs or additional beneficiary details. This
innovative feature is free of charge. It provides businesses with a convenient
way to make payments to individuals or other businesses in over 150 countries
and regions worldwide.
RevTags
will be immediately available to Revolut Business customers globally. Users
will have the capability to send and receive instant cross-border payments in
over 29 currencies within the Revolut network, which includes more than 30
million retail users and numerous businesses worldwide.
The
feature aims to streamline international transactions and eliminate fees
associated with traditional cross-border payments.
A
recent survey conducted by 72Point on behalf of Revolut Business highlighted
the need for faster and more cost-effective cross-border
payment solutions.
The
survey revealed that only one in ten businesses currently have the capability
to make instant cross-border payments, while 58% reported that their payments
typically take more than 12 hours to process. In addition, on cross-border
payments, 71% of respondents reported paying fees of 3% or more.
In
addition to RevTags, Revolut
Business customers in the UK will gain access to payout links. These links
enable businesses to make payments to customers and suppliers using a simple
URL, eliminating the need for account details.
Enhanced Efficiency, Cost
Savings, and Transparency for International Payments
Each
payout link provides recipients with options for receiving payments and allows
Revolut Business customers to track and manage payments directly from their
accounts.
James
Gibson, a General Manager of Revolut Business, said: “We are excited to
introduce our new zero-free payments
network with the launch of RevTags for
business customers.”
“Extending
the availability of this feature to Revolut Business customers, paired with the
launch of payout links, marks a significant milestone in our mission to make
cross-border payments
fee-free, instant, and seamless for businesses operating
globally.”
Revolut
Business’s introduction of RevTags and payout links demonstrates its commitment
to simplifying and enhancing cross-border payment experiences for businesses.
These
features are poised to make international transactions more
efficient, cost-effective, and transparent, ultimately benefiting businesses
and their partners around the world.
