Revolut taps Visa Direct for cross-border business payments

Instant Card Transfer Launch: UK challenger bank Revolut is launching instant card transfer capabilities for its business customers through an expanded collaboration with Visa.
Service Details: The new service uses Visa Direct, Visa’s real-time payment service, allowing Revolut Business customers in the UK and EEA to transfer funds in over 50 currencies across 78 countries in real time.
Speed of Transactions: Visa claims that transactions can be settled “within 30 minutes or less” using only the recipient’s card number.
Partnerships: Visa Direct has been extended to various financial services firms, including CloudPay and Crowded, for enabling global money transfers.
Revolut’s Offerings: James Gibson, general manager of Revolut Business, emphasizes that this capability will provide businesses with an easy, instant, and secure way to make payments globally.
Previous Collaborations: Revolut previously partnered with Visa to offer peer-to-peer card transfers to around 90 countries and introduced virtual cards for the B2B travel sector.
Revolut’s Growth: These developments follow Revolut securing a restricted UK banking licence in July and being named Europe’s most valuable private tech company in August after a secondary share sale among employees.