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.
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