The giant of the global payment industry, Visa, announced the launch of a partnership with Revolut, a London-based fintech company, in the area of cross-border transactions belonging to the business operations category.
The mentioned collaboration was announced on Tuesday, August 27th. As part of the implementation of the concept of partnership between the giant of the global payment industry and the fintech company, business customers of Revolut will be allowed to make instant money transfers by card through the Visa Direct system.
The parties to the cooperation issued a joint press release. This section focuses on the fact that international money transfers within the framework of traditional transaction practices of the relevant category are associated with the need to comply with a wide range of requirements. It was also noted separately that the mentioned requirements may differ due to regional specifics, which provide for different rules of financial operations depending on a particular country. The relevant circumstances are a serious problem for senders and recipients of money transfers who interact with the infrastructures of financial systems in different states. The press release also draws attention to the fact that standard methods of cross-border transactions very often provide for a high level of fees for operations and contain a significant probability of a time lag of several days. Moreover, as part of traditional procedures, users may be faced with the need to provide specific information such as IBAN and BIC,
Visa Direct will provide Revolut’s business customers with the opportunity to send money in real time around the world. This is reported in a press release. The fintech company says that its business clients only need a card number to make cross-border transactions. As part of this procedure, the payment has arrived at the recipient’s account in no more than 30 minutes. The corresponding solution is available to Revolut business customers in more than 78 countries. In this case, it is possible to make transactions in more than 50 currencies.
As we have reported earlier, Revolut Expands Business Payment Gateway.
