Revolut, which bills itself as a ‘digital banking alternative’, is boosting its real-time payments offering along with the launch of Sepa Instant in Europe. The move speeds up the fintech company’s real-time payment capabilities in different currencies via its network.
As it touts its new service in the area, Revolut said it has become one of the few institutions authorized to enable instant p2b, p2p, b2b, and b2p payments, between any points within the European Economic Area (EEA). Adopted by over 30 countries within the bloc, this latest scheme allows businesses and individuals to transfer money in seconds, 24 hours a day.
Revolut emphasized that the instant Euro transfers service is available to all Business accounts since this makes it an ideal option for any online or trading business, gaming, forex, as well for simple money remittance between private individuals.
SEPA instant is a more efficient and obviously faster means to transfer euros, which Revolut anticipates will grow their transactional base much faster than the use of SWIFT.
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Typically, SEPA transfers take 1 to 2 business days to arrive while customers would more likely wait to ‘batch’ payments. However, with SEPA Instant Transfers, clients would benefit from immediate payment finality, with their single transfer of up to EUR 15,000 would be available in the beneficiary’s account within no more than 10 seconds.
Revolut Brushes off Outage Concerns
In turn, the new service boosts Revolut’s revenues associated with their EMA product and provides an alternative to SWIFT.
Revolut has recently rolled out a series of new products, including the launch of its app and service in the US market in partnership with Metropolitan Commercial Bank. Before March 2020, Revolut’s services, which attracted over 10 million customers, have been available in the UK and Europe, with US applicants previously being held on a waiting list.
However, the fintech company was struck by controversy earlier this year when it faced many outages with such inconveniences that have recently become a point of contention and competition between those who offer similar services.
Revolut was founded in 2015 and claims to be signing up 250 businesses and 9000 customers every day, with projects expected to reach a 100 million milestone in the next four years. The startup received its European banking license in 2018 as it makes preparations for a shift in Europe’s financial services landscape after Brexit.