Revolut Business Unveils RevTag: A Swift Challenger in Cross-Border Payments

Revolut Business has unveiled its RevTag instant and cost-free payment system, designed to challenge Swift in the realm of international transactions, reports Finextra.

Revolut Business users now have the ability to conduct transactions by simply entering the RevTag of an individual or business within the Revolut Business app, eliminating the need for IBANs or additional beneficiary information. This feature is free and empowers businesses to pay employees and contractors in more than 150 countries and regions worldwide.

The RevTags feature is immediately accessible to Revolut Business customers worldwide. According to Revolut, customers will have the capability to send and receive instantaneous cross-border payments at no cost, supporting more than 29 currencies within the extensive Revolut network, which encompasses over 30 million retail users and numerous global businesses.

Revolut Business has also shared the findings of a survey conducted on their behalf by 72Point, revealing that one in ten businesses can execute immediate cross-border payments, while 58% of respondents experience typical payment processing times exceeding 12 hours. Additionally, 71% of respondents reported incurring fees of 3% or more on their cross-border payments.

In addition to RevTags, Revolut Business customers in the UK can now access payout links, enabling them to make payments to customers and suppliers using just a URL, without the need for detailed account information. Each payout link offers the recipient multiple payment options and enables Revolut Business customers to monitor and manage payments from their accounts.

James Gibson, general manager of Revolut Business, expressed enthusiasm about the launch of their new zero-fee payment network, particularly with the introduction of RevTags for business customers. Extending the availability of this feature to Revolut Business customers, along with the rollout of payout links, represents a significant achievement in their mission to provide a seamless, instant, and fee-free solution for businesses engaged in global operations.