Revolut Business has launched a solution for businesses that aims to address the difficulties surrounding cross-border payments.
The feature, RevTags, is a free and instant global payments network available to businesses within the Revolut network, the global financial app for businesses said in a Tuesday (Sept. 19) press release emailed to PYMNTS.
RevTags was already available to Revolut’s retail customers, and it will now be available to the company’s business customers worldwide, according to the release.
This solution eliminates the need for IBANs or additional beneficiary details when making transactions, the release said. This feature allows businesses to simply enter the RevTag of an individual or business in the Revolut Business app, making the process more streamlined and efficient.
Revolut Business aims to simplify international payments for its customers and provide a more efficient and cost-effective solution, per the release. It aims to solve the challenges businesses face when making cross-border payments, such as high fees and long payment processing times.
PYMNTS Intelligence has found that 75% of small to midsize businesses (SMBs) are dissatisfied with their cross-border payment solutions. In addition, 27% of SMBs see the complexity of cross-border payments as a hindrance to their ability to grow, according to “International B2B Payments: A Guide For Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration.
The report also found that SMBs are encountering these problems at a time when many entrepreneurs are expanding their focus to include international deals along with domestic ventures.
The availability of cross-border payment solutions is a crucial factor for businesses when choosing an account provider, according to Revolut’s Tuesday press release. Recognizing this need, Revolut Business has extended the availability of RevTags to its customers.
Along with the introduction of payout links, this marks a milestone in the company’s mission to make cross-border payments fee-free, instant and seamless for businesses operating globally, the release said.
James Gibson, general manager of Revolut Business, said in the release, “We are excited to introduce our new zero-fee 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.”