Revolut has reportedly signed a global Visa Direct agreement for cross-border business transfers.
Revolut has joined forces with Visa in order provide business clients with instant card transfers for cross-border transactions.
Digital bank Revolut officially announced that it entered an agreement with Visa Direct agreement for cross-border business transactions. International transfers for businesses have usually come with a set of requirements that may differ from one country to another, from costly transfer fees and a significant time lag of a few days to the need for certain information like IBANs and BIC.
Powered by Visa Direct, Revolut Business clients now only need a card number for transactions, with payments settling in the recipient’s account within 30 minutes or even earlier than that.
Visa Direct coverage covers 78 different countries and supports more than 50 currencies.
The global agreement comes after Revolut and Visa’s collab to provide card transfers powered by Visa Direct for peer-to-peer payments to around 90 nations across the globe in 2023 and the launch of Visa virtual cards for businesses focused on the B2B travel segment this year.
James Gibson, general manager at Revolut Business, said they are excited to launch instant card transfers in the UK and Europe as a way to pay instantly.
In other recent updates from the Fintech firm, it was reported that the Bank of Israel announced the issuance of an identification code to Revolut Ltd, a second global fintech company that has chosen to operate in Israel as “a participant in a controlled payment system.”
Participants in the Israeli payment systems are “identified using a unique identification code (formerly known as a ‘bank code’) that is comprised of two characters.”
The identification code enables fintech companies to “allocate payment account numbers (parallel to a bank current account) to their customers, and obligates other payment system participants to identify them in a unique way.”
The Bank of Israel officially confirmed “the issuance of an identification code to a second global fintech company that has chosen to operate in Israel as a participant in a controlled payment system – Revolut Ltd.”
The company is operating along the “international outline” published by the Bank of Israel, which enables access to the payment systems based on “a foreign license from a recognized country, as well as on meeting additional conditions.”
