Visa and Revolut Partner to Revolutionise Cross-Border Payments

Visa and Revolut have entered into a strategic partnership aimed at transforming the landscape of cross-border business payments. Leveraging Visa Direct’s expansive network, the collaboration promises real-time international transactions for business customers in more than 78 countries and across 50 currencies. This initiative seeks to tackle the persistent challenges associated with international money transfers, offering businesses a faster, more efficient, and cost-effective solution that could significantly enhance their global operations.

Streamlining International Payments

Historically, cross-border payments have been plagued by high fees, slow processing times, and varying country-specific requirements, often complicating international transactions. Businesses have had to navigate complex procedures, including the need for specific banking codes like IBAN and BIC, all while dealing with expensive fees and delays that could stretch for days. To address these issues, Visa and Revolut have introduced a new feature known as Instant Card Transfers. This service allows Revolut Business customers to send money globally in real-time, requiring only a card number to complete transactions. The initiative is expected to greatly reduce the friction associated with international payments, ensuring that funds reach recipients within 30 minutes or less, which could revolutionise the way businesses manage their global finances.

James Gibson, General Manager at Revolut Business, highlighted the simplicity, security, and efficiency of this new service, emphasising its potential to ease global payments for businesses, particularly those dealing with international contractors and customers on a regular basis.

Impact on Small and Medium-Sized Enterprises (SMEs)

The new service is poised to have significant implications for small and medium-sized enterprises (SMEs) that operate in increasingly global markets. From startups managing payments to overseas contractors to travel companies processing customer compensation across borders, the system promises to streamline operations and reduce the administrative burden. Mark Jamison, a senior executive at Visa, noted that Visa Direct’s global reach and reliability will empower Revolut’s business customers to move money worldwide with greater speed and confidence, enhancing their ability to operate efficiently in a globalised economy.

This partnership marks another milestone in the growing collaboration between Visa and Revolut, following previous initiatives aimed at expanding their joint financial services offerings for businesses worldwide. As both companies continue to innovate, the benefits for their customers are expected to grow, further solidifying their positions in the global payments ecosystem.