Revolut Boosts Real-Time Payments with SEPA Instant Euro

Revolut, which bills itself as a 'digital banking alternative', is boosting its real-time Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.

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 Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.