Revolut Business has launched a new solution that will allow representatives of the area of entrepreneurship to overcome the problems associated with cross-border payment transactions.
The company’s press release states that the RevTags solution is a free global payment network that provides the ability to perform instant payment financial operations. The corresponding service is available to businesses within the Revolut network. RevTags is not a new solution. Prior to the extension of this service to businesses, it was available to Revolut retail customers. Now the company’s business clients around the world will be able to use the solution.
This Revolut offer eliminates the need for an IBAN or additional details of the recipient when making transactions. The relevant information is contained in the company’s press release. This feature allows businesses to enter the identification number of an individual or company in the Revolut Business app. As a result of this procedural feature, transactions become more orderly and at the same time significantly increases the level of efficiency of these operations.
The company’s press release states that Revolut Business strives to simplify the functional specifics of international payments for its customers. The brand aims to provide consumers with a solution that is efficient and cost-effective. Also, this offer of the company is designed to overcome various difficulties and problems that businesses have to face during the implementation of cross-border payment transactions. Such difficulties include high fees and payment processing time, which involves a long wait.
Industry studies show that in the United States, 75% of small and medium-sized businesses are dissatisfied with the solutions for cross-border payment transactions that are currently used in their activities against the background of the lack of alternatives. Also, 27% of respondents perceive this problem as a barrier to their development.
Experts note that these shortcomings exist and have an impact at a time when many small and medium-sized businesses are expanding the scope of their activities, including within the framework of international partnerships.
The Revolut press release states that the availability of solutions designed for cross-border payment transactions is a factor whose importance is determined as the main circumstance when choosing an account service provider. Availability RevTags, according to the company, was expanded based on the awareness of the mentioned fact.
Along with the introduction of payout links, the expanded scope of the cross-border payment solution is an important step on the brand’s path to realizing its mission, which is to provide duty-free, instant, and uninterrupted money transfer operations from one country to another for customers working around the world. The corresponding statement is contained in the Revolut press release.
James Gibson, General Manager of Revolut Business, noted the importance of expanding the availability of a solution that provides access to a profitable and efficient procedure for making cross-border payment transactions in the context of achieving the company’s main conceptual goals.
As we have reported earlier, Revolut Launches Accounts for Non-US Citizens in US.