Visa and Revolut Form Cross-Border Business Payments Pact

Visa has launched a cross-border business payments partnership with London-based FinTech Revolut.

The collaboration, announced Tuesday (Aug. 27), allows instant card transfers for Revolut’s business customers via the Visa Direct system.

“International transfers for businesses have traditionally come with a list of requirements that can differ per country, from expensive transfer fees and a time lag of several days to the need for specific information such as IBAN and BIC,” the companies said in a news release provided to PYMNTS.

With Visa Direct, Revolut business customers can send funds around the world in real time, the release added.

“From a startup paying for a contractor’s services to a travel firm paying customer delay compensation, Revolut Business customers now only require a card number for transactions,” the companies said.

The payment arrives in the recipient’s account in 30 minutes or less. The solution is available now for Revolut business customers in more than 78 countries and supports 50+ currencies.

Visa and Revolut have worked together before, collaborating in 2023 to offer card transfers powered by Visa Direct for peer-to-peer payments to roughly 90 countries, and also launching a series of virtual cards for business focused on the B2B travel sector earlier this year.

Recent research from PYMNTS Intelligence shows how real-time payments have become a crucial part of several industries.

For example, real-time payments have become a way for restaurants to bolster financial stability and customer satisfaction, according to the PYMNTS Intelligence report “Real-Time Payments: The Cash Flow Spice Every Restaurant Needs.”

“Small- to medium-sized restaurants using instant pay-by-bank and platforms like PayPal reported higher net profit margins — over 50% — compared to those that rely on traditional methods like checks or automated clearing house (ACH) transfers, which are linked to lower profit margins,” PYMNTS wrote earlier this month.

Other industries have some catching up to do on this front, including the trucking sector, where paper checks remain a common payment method, even though 93% of drivers surveyed by PYMNTS say they’d use instant payments if given the choice. However, only 40% of drivers say they have access to real-time payments.

“This reliance on outdated infrastructure slows down operations, creates room for errors and increases costs,” PYMNTS wrote recently. “For truck drivers, who often work long hours away from banks or ATMs, cashing checks can be a time-consuming and inconvenient ordeal.”