Revolut launches RevTags to challenge SWIFT

Following the introduction of RevTags, business customers will now have the option to send and receive instant zero-fee cross-border payments in over 29 currencies within the Revolut network – which encompasses over 30 million retail users and hundreds of thousands of businesses worldwide.

As outlined in the official press release, RevTags was introduced to address a pain point in the market. According to research carried out by 72Point for Revolut Business, nine out of ten UK businesses reportedly state that cross-border payments are the biggest challenge they are facing. Data from the survey further indicates that the high costs and the lengthy processing times are also factors contributing to the situation.

How does the new offering challenge SWIFT?

RevTags is presented as a challenger of SWIFT, as the new offering strives to extend a free and instant global payments network addressed to businesses and individuals within the Revolut network.

When it comes to its core solution, RevTags seeks to facilitate global payments by enabling businesses to make transactions by entering the RevTag of an individual or business in the Revolut Business app. No IBANs or additional beneficiary details are purportedly necessary. 

According to the official press release, the feature is available at no cost and provides businesses with the option to pay employees and contractors in over 150 countries and regions around the world. 

By not associating any fees with cross-border transactions, Revolut tackles a pressing issue for businesses. As per the already mentioned research, two in three UK businesses have to pay fees of 3% or more when making cross-border payments, and 58% of them wait for more than 12 hours for payments to be processed with current networks. 

Even more to this point, Revolut’s research indicates a growing demand for more efficient and cost-efficient ways of making international payments. Among the key factors that UK businesses reportedly consider when looking for payment solutions are the cost and speed of payments (48%) and the availability of cross-border payment solutions (97%).