Visa and Revolut have teamed up to provide instant
card transfers for Revolut’s business customers using the Visa Direct system,
Pymnts reported. This partnership, announced today (Tuesday), aims to eliminate
the delays and complexities associated with international payments.

Enhancing Cross-Border Payments

According to the two companies, the new agreement is
an important step in business payments. By integrating Visa Direct into
Revolut’s business platform, companies can reportedly transfer funds to over 78
countries in less than 30 minutes. This offering supports more than 50 currencies, making
it easier for businesses to operate on a global scale without the usual
friction of international transfers.

Additionally, it simplifies the process, requiring
only a card number to complete transactions. Whether a startup is paying for services or a travel firm compensates customers for delays, the new service promises faster payments to Revolut‘s business users.

Visa and Revolut are no strangers to collaboration.
Their partnership in 2023 saw the introduction of Visa Direct-powered
peer-to-peer payments in approximately 90 countries. They also launched a
series of virtual cards tailored for the B2B travel sector earlier this year,
further cementing their relationship in the financial technology space.

A few days ago, Revolut’s Business Payment Gateway integrated BigCommerce to facilitate payments for online merchants. According to a report
by Finance Magnates, this partnership aims to allow e-commerce companies to support
various payment methods, manage transactions, and benefit from next-day
settlements within their BigCommerce dashboard.

More Collaborations

The new agreement also enables merchants to offer
their users a better checkout. Revolut’s gateway allows BigCommerce merchants to
accept more than 25 different currencies. The platform targets high payment success rates and
low transaction fees. Additionally, it eliminates additional charges for
refunds or fraud monitoring.

Elsewhere, the National Retail Federation objected to a legal settlement between Visa, Mastercard, and merchants. The federation
mentioned that the settlement cannot address long-standing grievances.

According to a filing before US Chief District Judge Margo Brodie, concerns about the agreement’s fairness and impact despite the potential benefits of reduced fees exist.

Meanwhile, Visa is broadening its partnership with Wirex for the adoption of Web 3 payments across the UK and the European
Economic Area. By adding Visa cards and lowering payment challenges, this collaboration
aims to offer better payment services through Visa’s payment network.

This article was written by Jared Kirui at www.financemagnates.com.

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