Insights

Visa and Revolut Announce Global Partnership to Enhance Business Payments

Pat Crawley Pat Crawley Send an email
0 25 12 minutes read
visa-and-revolut-announce-global-partnership-to-enhance-business-payments

Tuesday, 27/08/2024 | 16:04 GMT by Jared Kirui

  • The service reportedly enables businesses to transfer funds to over 78 countries and supports more than 50 currencies.
  • The agreement is based on previous initiatives, such as Visa Direct-powered peer-to-peer payments and virtual cards for the B2B travel sector.

Revolut

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.

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.

Jared Kirui

  • 1174 Articles
  • 15 Followers

Jared is an experienced financial journalist passionate about all things forex and CFDs.

  • 1174 Articles
  • 15 Followers

Finance Magnates Daily Update

Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead.

Keep Reading

More from the Author

FinTech

Featured Videos

ASIC’s Rhys Bollen at FMPS:24

ASIC’s Rhys Bollen at FMPS:24

ASIC’s Rhys Bollen at FMPS:24

ASIC’s Rhys Bollen at FMPS:24

Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

More Videos

  • Tony Rose, Director at LNP Audit and Assurance, at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, speaking at the panel “Beyond The bASICs: Regulation and Operations in Australia and Offshore” at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, speaking at the panel “Beyond The bASICs: Regulation and Operations in Australia and Offshore” at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, speaking at the panel “Beyond The bASICs: Regulation and Operations in Australia and Offshore” at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, speaking at the panel “Beyond The bASICs: Regulation and Operations in Australia and Offshore” at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, speaking at the panel “Beyond The bASICs: Regulation and Operations in Australia and Offshore” at FMPS:24

    Tony Rose, Director at LNP Audit and Assurance, speaking at the panel “Beyond The bASICs: Regulation and Operations in Australia and Offshore” at FMPS:24

  • James Perry-Keene, Head of Strategic Partnerships at Pepperstone, at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, speaking on white-labels and IBs at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, speaking on white-labels and IBs at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, speaking on white-labels and IBs at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, speaking on white-labels and IBs at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, speaking on white-labels and IBs at FMPS:24

    James Perry-Keene, Head of Strategic Partnerships at Pepperstone, speaking on white-labels and IBs at FMPS:24

  • Andrew Saks, Chief Product Officer at TraderEvolution Global, at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, speaking at the panel “Your Broker’s Growth is Elsewhere” at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, speaking at the panel “Your Broker’s Growth is Elsewhere” at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, speaking at the panel “Your Broker’s Growth is Elsewhere” at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, speaking at the panel “Your Broker’s Growth is Elsewhere” at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, speaking at the panel “Your Broker’s Growth is Elsewhere” at FMPS:24

    Andrew Saks, Chief Product Officer at TraderEvolution Global, speaking at the panel “Your Broker’s Growth is Elsewhere” at FMPS:24

  • oneZero’s CEO, Andrew Ralich, at FMPS:24

    oneZero’s CEO, Andrew Ralich, at FMPS:24

    oneZero’s CEO, Andrew Ralich, at FMPS:24

    oneZero’s CEO, Andrew Ralich, at FMPS:24

    oneZero’s CEO, Andrew Ralich, at FMPS:24

    oneZero’s CEO, Andrew Ralich, at FMPS:24

    oneZero’s co-founder and CEO, Andrew Ralich, speaking at a panel discussion at FMPS:24

    oneZero’s co-founder and CEO, Andrew Ralich, speaking at a panel discussion at FMPS:24

    oneZero’s co-founder and CEO, Andrew Ralich, speaking at a panel discussion at FMPS:24

    oneZero’s co-founder and CEO, Andrew Ralich, speaking at a panel discussion at FMPS:24

    oneZero’s co-founder and CEO, Andrew Ralich, speaking at a panel discussion at FMPS:24

    oneZero’s co-founder and CEO, Andrew Ralich, speaking at a panel discussion at FMPS:24

Tags
Pat Crawley Pat Crawley Send an email
0 25 12 minutes read
Pat Crawley

Pat Crawley

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button