Revolut Business has launched its instant and free payments ecosystem RevTag, which aims to challenge Swift in the cross-border payments space.
The feature is set to become immediately available to Revolut customers worldwide, providing businesses with the ability to pay employees and contractors in over 150 countries and regions around the world.
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, while 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 30m retail users and thousands of businesses around the world.
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.”
In addition to the RevTag announcement, customers in the UK are now set to gain access to payout links, which enable payments to customers and suppliers using just a URL, without the need for account details.
The solution is expected to help UK businesses using the service track nd manage the payments from their account.
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