Revolut customers in Ireland can now avail of instant bank transfers to 2,200 participating payment service providers in Europe.
On Wednesday (19 August), Revolut announced that customers in Ireland can now avail of instant bank transfers to participating institutions across Europe.
The company said that the move could significantly benefit Irish businesses that want to send money instantly to banks in continental Europe, or receive payment for goods or services from the eurozone.
Revolut has more than 1m customers in Ireland who will now be able to avail of the Single Euro Payment Area (SEPA) instant credit transfer, also known as SCT Inst.
No traditional bank in Ireland has yet rolled out SEPA instant technology, however the system has been adopted by more than 2,200 payment service providers across Europe. In Ireland, it is also available to corporate customers of Barclays Bank and users of prepaid cards from PFS, owned by EML Payments.
In a statement, Revolut explained how this addition to its services will benefit those wishing make speedy euro transfers to participating institutions across Europe. Currently, without SEPA instant enabled, transfers from traditional bank accounts in Ireland can take one to two working days, meaning they are not processed on weekends or bank holidays.
With SEPA instant, Revolut’s Irish business and retail customers will be able to make transfers that appear in the recipient’s account within seconds.
SEPA instant transfers can be processed immediately, 365 days a year, at any time of night or day, to any one of the payment service providers that have signed up to the scheme.
In its announcement, Revolut said that the latest update will prove “particularly significant” for EU nationals living in Ireland who may want to send money to banks in their home countries.
‘Every year, people and businesses in Ireland send millions of euro in bank transfers to financial institutions in Europe’
– JASON PIJNAKER
Jason Pijnaker, product owner for core payments at Revolut, said: “Every year, people and businesses in Ireland send millions of euro in bank transfers to financial institutions in Europe but the payment system they use is slow and cumbersome, often taking days for the money to arrive.”
Commenting on the latest announcement, Pijnaker added: “It’s just another example of Revolut using modern technology to make our customers’ lives easier and simpler.”
The news comes two months after Revolut announced the launch of its open banking features in Ireland, which enables customers to see all of their traditional bank accounts through a single app.