Visa, a prominent figure in digital payment solutions, has joined forces with Revolut, a leading global financial app, in a significant partnership aimed at transforming cross-border transactions for business customers.
The partnership has been established to address the cumbersome process associated with international business transfers, which often involves hefty fees, delays, and country-specific requirements like IBAN and BIC codes. By leveraging Visa Direct, a powerful network facilitating real-time payments, the collaboration introduces Instant Card Transfers, enabling Revolut Business clients to conduct fast and secure global transactions.
Visa’s role in this partnership is pivotal, providing the technological backbone with Visa Direct that supports the initiative. Visa Direct’s global reach and proven security are instrumental in enabling instant money transfers across different geographies.
On the other hand, Revolut expands its service offerings by utilising this technology, allowing businesses to make payments simply using a card number, with the funds being transferred to the recipient within 30 minutes. This service is now accessible in over 78 countries and supports more than 50 currencies.
Further enriching their cooperative efforts, this global agreement builds on the previous success of Visa and Revolut’s partnership in 2023, which facilitated card transfers for peer-to-peer payments across approximately 90 countries. Additionally, the introduction of Visa virtual cards in 2024 specifically tailored for the B2B travel sector marks another milestone in their collaborative journey.
Mark Jamison, senior vice president, Global Clients, at Visa, said, “We’re delighted that Visa Direct’s global reach, security, and reliability will enable Revolut’s business customers to move money worldwide with speed and confidence. This step deepens our collaboration with Revolut to continue their impressive track record of growth and product differentiation.”
James Gibson, general manager at Revolut Business, also shared his excitement: “We’re excited to launch Instant Card Transfers in the UK & EEA, providing businesses with a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes.”
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