Revolut has announced the launch of GBP Direct Debits, a new feature for its global financial retail and business platforms.
The feature, which is for all EEA customers with local UK account details, will utilize Modulr’s Direct Debits Mandate, allowing customers to make all their regular GBP Direct Debit payments straight from their Revolut accounts. In addition, Revolut’s retail and business customers are also protected against fraudulent activity or an error with the GBP Direct Debit Guarantee.
“Around-the-clock access to a real-time payments infrastructure is key to building any successful financial service. We are providing Revolut customers with an alternative digital payments infrastructure unshackled by a reliance on traditional and slow legacy banking. GBP Direct Debits are the latest integration, as we build toward becoming the bank of the future. With Modulr, we not only have a partner we know and trust, but one who we can work with to launch new payment products with ease,” Nik Storonsky, CEO and founder at Revolut, said in an emailed press release.
Revolut has used Modulr’s application programming interface (API) since 2017. Modulr combines its API-enabled platform with authorization from the UK’s Financial Conduct Authority as an Authorized Electronic Money Institution to deliver a fully regulated service.
Myles Stephenson, CEO at Modulr, added: “Revolut is a leading global challenger in financial services, and it continues to grow in its prominence as an alternative to legacy banking options. Utilizing our APIs, businesses such as Revolut are able to offer customers a payments solution fit for the ‘Instant Economy’ world we live in — where payments need to be instant, reliable and easy, as customers will no longer accept anything less. With our technology, Revolut adds another string to its bow, improving the offering for existing customers and growing its appeal and attraction to new customers too.”