Revolut taps Visa Direct for cross-border business payments
UK challenger Revolut is launching instant card transfer capabilities for its business customers through an expanded collaboration with Visa.
Revolut Business customers can now access instant card transfers
The collaboration will see Revolut leverage its partner’s real-time payment service, Visa Direct, to enable its business customers in the UK and EEA to transfer funds in over 50 different currencies between 78 countries worldwide in real time through instant card transfers.
Visa claims the service is capable of settling transactions “within 30 minutes or less” using only the recipient’s card number.
The payments giant has previously extended Visa Direct to a number of financial services firms, including payroll and payment services provider CloudPay and digital banking platform Crowded, which announced its use of the service in May to enable in-app global money transfers for its users.
James Gibson, general manager of Revolut Business, says the capability will provide businesses with “a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes”.
The challenger previously partnered with Visa last year to offer card transfers for peer-to-peer payments to around 90 countries through the Visa Direct solution.
More recently, the pair worked to introduce virtual cards for businesses focused on the B2B travel sector earlier this year.
These developments coincide with a string of new highs for Revolut, which after securing a restricted UK banking licence in July was named as Europe’s most valuable private tech company in August following a secondary share sale among employees.
