Revolut Introduces RevTags for Instant Cross-Border Payments

<p>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.</p><p>Revolut Business Rolls Out
Global Availability of RevTags</p><p>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. </p><p>The
feature aims to streamline international transactions and eliminate fees
associated with traditional cross-border payments.</p><p>A
recent survey conducted by 72Point on behalf of Revolut Business highlighted
the need for faster and more cost-effective <a href="https://www.financemagnates.com/tag/cross-border-payments/">cross-border
payment</a> solutions. </p><p>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.</p><p>In
addition to RevTags, <a href="https://www.financemagnates.com/tag/revolut/">Revolut</a>
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. </p><p>Enhanced Efficiency, Cost
Savings, and Transparency for International Payments</p><p>Each
payout link provides recipients with options for receiving payments and allows
Revolut Business customers to track and manage payments directly from their
accounts.</p><p>James
Gibson, a General Manager of Revolut Business, said: "We are excited to
introduce our new zero-free <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> network with the launch of RevTags for
business customers.” </p><p>“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
<a href="https://www.financemagnates.com/terms/c/cross-border-payments/">cross-border payments</a> fee-free, instant, and seamless for businesses operating
globally.”</p><p>Revolut
Business's introduction of RevTags and payout links demonstrates its commitment
to simplifying and enhancing cross-border payment experiences for businesses. </p><p>These
features are poised to make international <a href="https://www.financemagnates.com/tag/transactions/">transactions</a> more
efficient, cost-effective, and transparent, ultimately benefiting businesses
and their partners around the world.</p>

This article was written by Tareq Sikder at www.financemagnates.com.