Revolut RevTags
Real-time cross-border payment in a closed loop system
Welcome to The Engineer Banker, a weekly newsletter dedicated to organizing and delivering insightful technical content on the payments domain, making it easy for you to follow and learn at your own pace
Today, we are excited to introduce "Payment Bites," a series of concise articles accessible to both our paid and free subscribers. To kick off the series, we are shining the spotlight on a recent launch from Revolut:
Revolut launches RevTags to challenge SWIFT
Since its inception, the RevTag feature has been a staple in the Revolut App, acting as an internal alias for user accounts within the Revolut ecosystem. Similar to how an IBAN functions for identifying bank accounts universally, a RevTag serves the same purpose but is exclusive to transactions between Revolut users. This internal identifier streamlines the process of sending and receiving payments by simplifying the information needed to complete a transaction. It eliminates the need for entering complex and lengthy bank account numbers, making the user experience more efficient and user-friendly.
Today, Revolut is extending this innovative feature to its business customers, aiming to simplify the intricacies of cross-border payments. With this expansion, business entities can now leverage the RevTag capability to facilitate seamless and speedy international transactions. By incorporating RevTags into their business framework, companies can now minimize errors, reduce transaction times, and improve the overall efficiency of their payment operations, especially when dealing with multiple international partners.
RevTag in the realm of multi-currency
Before delving into the details of the diagram, we strongly recommend that you first read our article on open and closed-loop payment systems. This will provide you with the foundational background into closed systems like Revolut’s:
