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Revolut and Visa Partner for Cross-Border Transactions

Business clients should be able to transfer funds to overseas accounts within 30 minutes

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  • Written by  Banking Exchange staff
 
 
Revolut and Visa Partner for Cross-Border Transactions

Revolut has reportedly entered into a global agreement with Visa Direct to improve cross-border transactions for business clients.

The UK-based digital bank’s partnership with Visa aims to provide business clients with simpler, more secure and more instant ways to pay employees, contractors and customers worldwide.

International transfers for businesses typically involve multiple requirements that can vary from one country to another, including high transfer fees, lengthy processing times and the need for specific information like international bank account numbers and business identifier codes.

Upon the completion of the partnership, Revolut business clients will only need a card number for transactions and will be able to settle payments into recipient accounts within 30 minutes or less.

The service will be available across Visa’s network, which currently encompasses 78 countries and supports 50 currencies.

The global agreement follows Revolut and Visa’s previous collaboration to offer card transfers through Visa Direct for peer-to-peer payments to around 90 countries in the world in 2023.

It also comes as the bank recently secured its UK banking license with restrictions from the UK’s banking regulator, Prudential Regulation Authority, (PRA) after a three-year battle.

It has now entered the ‘mobilization’ stage before obtaining a full license, during which it is limited to holding a total of £50,000 ($66,000) in customer deposits.

Revolut is the latest bank to partner with Visa as Lloyds Bank Group, which includes Lloyds Bank, Halifax, Bank of Scotland and MBNA, and plans to transition 10 million credit cards from Mastercard to Visa by 2026, as part of a newly secured agreement between the two companies.

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