Posted on November 28, 2019 by staff

Revolut launches sterling direct debits


UK digital-only bank Revolut has launched GBP Direct Debits for all EEA customers with local UK account details.

The new functionality will utilise London-based FinTech Modulr’s Direct Debits Mandate service, and allows users to make and schedule direct debit payments from their Revolut accounts.

Nik Storonsky, CEO and founder at Revolut said the new feature would provide customers with an alternative digital payments infrastructure to traditional banking.

“GBP Direct Debits are the latest integration, as we build towards becoming the bank of the future,” he said.

“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 added: “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.”

In October Modulr announced it will invest £20m in Scottish FinTech.