UK challenger bank Revolut has enabled instant transfers in Euros for business account holders to bolster customer payments to European bank accounts.
The bank will accelerate money transfers from Revolut business accounts to other bank accounts in Europe.
This is applicable to the banks in Europe that support instant transfers.
In its blog post, Revolut said that customers can log into their accounts online and initiate transfers with a single click.
Account holders need to choose or create a beneficiary, enter the amount, confirm the payment details, and hit ‘send funds’ to complete the payment process.
While receiving the money in Euro currency, customers will need their International Bank Account Number (IBAN).
This service will run on the instant payments infrastructure called the Single European Payments Area (SEPA), which was introduced back in 2017.
Payments through SEPA may take up to one or two business days to process.
However, the SEPA Instant Transfers scheme will reduce the time to 10 seconds or less.
The new service by Revolut replaces its SWIFT service and is expected to help accelerate its revenues.
Revolut also launched this service in Australia.
Revolut noted: “The wait is finally over for Revolut Australia. It’s been just over a year since we first set foot down under, and we’re excited to announce that we’re saying goodbye to our waitlist.
“From today, anyone in Australia can download our financial super app and enjoy one app to manage all things money.”
In Australia, the challenger bank will provide clients with cryptocurrencies and commodities exchange services, a rewards program, a junior account, and contribute to charities.