Earlier this week the financial superapp, Revolut, launched an early salary feature available to its UK customers, giving over three million people an easy and flexible way to access their pay cheque a day early each month.
The new feature will mean Revolut’s UK customers can access their salaries and all payments made over the Bacs payment scheme a working day earlier than usual*. In the case where they would be paid on Monday, people would be able to access their salaries the Friday before. This is especially useful for navigating bank holiday weekends. So, whether it is students receiving their student loan or those financially squeezed by the impact of Covid-19, Revolut’s latest feature gives its customers more control over their finances during tough economic conditions.
The new functionality has been enabled by Revolut’s long-term payments partner Modulr. One of the few non-banks to gain direct access to the Bank of England, including Bacs and Faster Payments, last year. Through this access, the Fintech has been able to innovate and create new ways for its partners to access payments through automation, in a quicker, simpler and more efficient way than via traditional banking partners.
Revolut has used Modulr’s API platform since 2017. This fintech collaboration has enabled Revolut to develop and launch multiple everyday services for its growing customer base – cementing its position as the fastest-growing private tech company and one of Europe’s largest FinTechs, with over 13 million customers globally.
Nik Storonsky, CEO and Founder at Revolut: “Early access to salaries could be a genuine lifeline for many during these tough economic times. Our aim is always to provide Revolut customers with services they need and the best possible experience.
“With Modulr we’ve been able to deliver better services and experiences to millions of UK customers. We’re looking forward to future innovation and to launching many more exciting products for Revolut customers. Now more than ever, our customers across the globe need easily accessible tools to manage their finances proactively and successfully.”
Myles Stephenson, CEO and Founder of Modulr commented: “Revolut continues to go from strength to strength, as it asserts itself as the go-to challenger for consumers eager to have greater ease, access and control of their money. Utilising our APIs and direct access to the Bank of England, Revolut can offer their customers payments solutions fit for this new normal we find ourselves in – where payments need to be instant, flexible and reliable. Customers accept nothing less now.
“With Modulr’s commitment to payments innovation, the partnership with Revolut is a natural fit. We’re excited to continue our journey with Revolut and look forward to seeing the future innovative releases they bring to market.”