Revolut Business has launched its instant and free payments ecosystem ‘RevTag’, which aims to challenge Swift in cross-border payments.
Users of Revolut Business can make transactions by entering the RevTag of an individual or business in the Revolut Business app, without using IBANs or additional beneficiary details. The feature is free and provides businesses with the ability to pay employees and contractors in over 150 countries and regions around the world.
The RevTags feature will be immediately available to Revolut Business customers worldwide. Revolut reports customers will be able to send and receive instant zero-fee cross-border payments in over 29 currencies within the Revolut network, which includes more than 30 million retail users and thousands of businesses around the world.
Revolut Business has also released a survey conducted on their behalf by 72Point, which found that one in ten businesses report being able to make instant cross-border payments and for 58% of respondents payments typically take more than 12 hours to process. Additionally, 71% of respondents reported paying fees of 3% or more on cross border payments.
In addition to RevTags, from today Revolut Business customers in the UK will also have access to payout links, which enable payments to customers and suppliers using just a URL, without the need for account details. Each payout link provides the recipient with options on how they would like to be paid and allows Revolut Business customers to track and manage the payment from their account.
James Gibson, 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.”