Sending money between friends and family has never been easier. So why shouldn’t it be for businesses too? Simply enter your supplier or employee’s tag, then hit send. “RevTags,” a product already available to consumers, can now be used by firms to transfer money to other businesses without having to enter an Iban (international bank account number) or other account details.
„Revtag means rapid money. No more waiting for payments to clear. Using Revtags, your recipient gets paid instantly, wherever they are. No fees, no hidden charges. Revtag payments are completely free – even when you go cross-border.” says Revolut. Aditionally, the feature provides an extra layer of security. „Confirm your recipient’s name before paying – so you always know exactly where your money is going.” the company added.
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.
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.
The feature aims to streamline international transactions and eliminate fees associated with traditional cross-border payments.
James Gibson, a General Manager of Revolut Business, said: „We are excited to introduce our new zero-free payments network with the launch of RevTags for business customers. 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 cross-border payments fee-free, instant, and seamless for businesses operating globally.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: