Fintech Revolut has launched GBP Direct Debits for all EEA customers with local UK account details. The new functionality will utilise Modulr’s Direct Debits Mandate, which combines its API enabled platform with authorisation from the UK’s Financial Conduct Authority as an Authorised Electronic Money Institution to deliver a fully regulated service.
The 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.
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.
Nik Storonsky, CEO and Founder, Revolut