Revolut Launches GBP Direct Debit for European Clients

It’s been a busy few months for UK-based fintech Revolut, with the company announcing a new update this Thursday - it has launched British pound (GBP) Direct Debits for all customers located in the European Economic Area (EEA) with local UK account details.

This new feature allows customers to make their regular GBP Direct Debit 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 straight from their Revolut accounts. These payments could range from paying utility bills, subscriptions, invoices or gym memberships.

Revolut has become a big challenger for traditional banks, and today’s announcement could allow certain customers to replace their traditional bank altogether. The move is part of the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term’s goal of becoming a global bank.

The new feature has been made possible thanks to a deal with Modulr, with Revolut using the business payments platform’s API in order to facilitate the direct debits. However, the company has been using Modulr’s API for other services since 2017.

Commenting on the announcement, Nik Storonsky, the CEO and Founder at Revolut said: “Around-the-clock access to a real-time payments infrastructure is key to building any successful financial service.

“We are providing Revolut customers with an alternative digital payments infrastructure unshackled by a reliance on traditional and slow legacy banking. GBP Direct Debits are the latest integration, as we build towards becoming the bank of the future. With Modulr, we not only have a partner we know and trust, but one who we can work with to launch new payment products with ease.”

Revolut expansion

Revolut has been expanding its operations in recent months. In addition to today’s announcement, the company recently officially launched in Singapore and expanded its partnership with visa to allow it to expand into a further 24 new markets.

“Direct Debits are one of the most requested features from Revolut for Business customers. It’s always our goal to help businesses save time and money, and this feature will make a huge difference on that front,” added Vaidas Adomauskas, Head of Business Product at Revolut.

“We’re proud to be offering this feature that will transform the way businesses transact on a regular basis, whether they are paying bills or paying into employee pensions.”