Revolut has today launched GBP Direct Debits for all EEA customers with local UK account details, the latest feature added to its global financial retail and business platforms, as it continues to scale and build towards becoming a global bank.
The new functionality will utilise Modulr’s Direct Debits Mandate service, adding another essential feature that Revolut customers can use in their everyday lives.
This new feature allows Revolut’s EEA customers with local UK account details to make all their regular GBP Direct Debit payments straight from their Revolut accounts, whether that be retail customers paying for their gym memberships, phone contracts, utility bills or subscriptions, or business customers paying supplier bills or regular invoices.
Revolut’s retail and business customers are also protected by the GBP Direct Debit Guarantee, in the event that there is fraudulent activity or an error affecting their Direct Debit payment. Direct Debits are a simple, safe and convenient way for Revolut retail and business customers to make regular or recurring payments.
In the past year alone, Revolut has successfully launched and developed multiple new everyday services for its growing customer base, taking it significantly beyond its origins as a travel and FX product.
Revolut has used Modulr’s API platform since 2017. Through Modulr, getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7, all via Revolut’s existing platform. Through its API platform, Modulr makes it easy for businesses to streamline existing services, launch new products and scale more efficiently.
Nik Storonsky, CEO and Founder at Revolut: “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.”
Myles Stephenson, CEO and Founder at Modulr: “Revolut is a leading global challenger in financial services, and it continues to grow in its prominence as an alternative to legacy banking options. Utilising our APIs, businesses such as Revolut are able to offer customers a payments solution fit for the ‘Instant Economy’ world we live in – where payments need to be instant, reliable and easy, as customers will no longer accept anything less.
“With our technology, Revolut adds another string to its bow, improving the offering for existing customers and growing its appeal and attraction to new customers too.”