Digital bank Revolut is now offering direct debits for UK accounts. Customers with UK accounts may now set up GBP direct debits to pay for items such as club memberships or utility fees. Revolut adds that customers will be safeguarded against certain types of fraud and payment errors by the UK Direct Debit Guarantee.
Vaidas Adomauskas, Head of Business Product at Revolut, explained that direct debits was one of the most requested features:
“It’s always our goal to help businesses save time and money, and this feature will make a huge difference on that front. We’re proud to be offering this feature that will transform the way businesses transact on a regular basis, whether they are paying bills or paying into employee pensions.”
The new functionality will utilize Modulr’s Direct Debits Mandate service, adding another feature that Revolut customers can conveniently use. Revolut has utilized Modulr’s API platform since 2017.
Revolut repots that in the past year it has successfully launched and developed multiple everyday services for its customers. Revolut users have created over 2 million Vaults for individual or group saving; their charitable giving feature Donations has raised over £500,000 for WWF, Save The Children, ILGA Europe, The Rainforest Alliance and Movember since launching in July; and the roll out of Trading is providing all Revolut customers commission-free access to the stock market.
For Business account holders, new features for 2019 include: end-to-end expense management in app, multi-account login, and an integration with Quickbooks.
Nik Storonsky, CEO and founder at Revolut, commented on the new feature:
“Around-the-clock access to a real-time payments infrastructure is key to building any successful financial service. We are providing Revolut customers with an alternative digital payments infrastructure unshackled by a reliance on traditional and slow legacy banking. GBP Direct Debits are the latest integration, as we build towards becoming the bank of the future. With Modulr, we not only have a partner we know and trust, but one who we can work with to launch new payment products with ease.”
Launched in July 2015, Revolut now claims over 9 million customers in Europe. Revolut for Business has over 250,000 business customers worldwide. Revolut is currently rolling out its bank services in the US.