Revolut Business launches RevTags, its new global payments solution

Revolut Business, the global financial super app for businesses, has today announced the launch of ‘RevTag’, its instant and free payments ecosystem, to Revolut Business customers.

Already available to Revolut’s retail customers, from today the RevTags feature will be available to Revolut Business customers worldwide. Business customers will now be able to send and receive instant zero-fee cross-border payments in more than 29 currencies within the Revolut network, which boasts more than 30 million retail users and hundreds of thousands of businesses around the world.

RevTags simplify global payments by allowing businesses to make transactions by entering the RevTag of an individual or business in the Revolut Business app, without the need to add IBANs or additional beneficiary details. The feature is completely free and provides businesses with the ability to pay employees and contractors with ease in more than 150 countries and regions around the world.

The launch of RevTag for Business comes as a new survey conducted by 72Point for Revolut Business (UK, 2023*) found that almost 9 in 10 (87%) UK businesses identify facilitation of payments (sending, receiving and foreign exchange) as the biggest financial challenge currently facing their business.

Survey data shows that high costs and processing times are contributing to this challenge (UK, 2023*).

• Just one in ten businesses report being able to make instant cross-border payments. Payments typically take more than 12 hours to process for the majority of respondents (58%).
• Cross-border payments often incur hidden costs, with other networks such as SWIFT relying on intermediary banks to process payments.
• More than 2 in 3 (71%) businesses in the UK reported paying fees of 3% or more on cross border payments.
• One in ten (13%) businesses pay fees of 6% or more, which can take a heavy toll on business finances in the current economic climate.

Revolut’s research also reveals a broader desire for more efficient and cost-effective ways to make global payments (UK, 2023*). When looking for payment solutions, almost half (48%) of UK businesses said cost and speed of payments were the two most important factors they considered. 97% of businesses said the availability of cross-border payment solutions was an important factor in picking which account provider to use.

Revolut Business is committed to simplifying international payments for its customers. As market leaders, we are investing in solutions like RevTag that speak directly to the needs and challenges of UK businesses today and mark a step change in what businesses can expect from their payments provider.

In addition to RevTags, from today Revolut Business customers in the UK will also have access to payout links, which enable payments to customers and suppliers using just a URL, without the need for account details. Each payout link provides the recipient with options on how they would like to be paid and allows Revolut Business customers to track and manage the payment from their account.

James Gibson, General Manager of Revolut Business said: “We are excited to introduce our new zero-free 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.”

*Research conducted by 72 Point Ltd for Revolut Business from 8th to 22nd August 2023, based on a sample of 500 UK businesses who make cross-border payments at least monthly.