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The payment card services provider Visa has signed a worldwide agreement with Revolut, the financial technology company and payments app, to launch Instant Card Transfers for Revolut Business customers.
Revolut Business customers now only require a card number for transactions, and payments arrive in the recipient’s account within 30 minutes.
The collaboration aims to streamline international transfers for businesses, addressing traditional challenges of expensive transfer fees, lengthy processing times, and complex information requirements (for example, International Bank Account Numbers and Business Identification Codes, or IBANs and BICs).
The partnership is powered by Visa Direct, a network which enables real-time payments. It is available in over 78 countries and supports over 50 currencies.
Instant Card Transfers are expected to benefit various business scenarios, from startups paying contractors to travel firms managing customer compensation.
This global agreement builds on previous collaborations between Revolut and Visa. In 2023, the two teamed to offer card transfers for peer-to-peer payments to 90 countries; and to launch Visa virtual cards for businesses in the B2B travel sector earlier this year.
James Gibson, General Manager at Revolut Business, said, “We’re excited to launch Instant Card Transfers in the UK & EEA, providing businesses with a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes.”
