Revolut unveils “early salary” feature for UK banking customers
The salary advance function will enable more than three million account holders to access their pay packet a working day early.
Revolut has launched a new “early salary” feature that will give its banking customers access to their pay cheque early each month.
The new functionality will mean that Revolut’s UK customers whose wages are paid via Bacs can receive their pay packet a working day earlier than usual. In the case where they would be paid on a Monday, workers will be able to access their salaries the Friday before.
The digital banking brand said this is especially useful for customers ahead of a bank holiday weekend, as well as beneficial to account holders who will be able to access their salary slightly earlier in the current tight economic climate.
Revolut has over three million banking customers in the UK. To take advantage of the new early salary function, users need to make sure they have opted to have their salary paid directly into their Revolut account via the Bacs payment network (which clears automated electronic payments in the UK). The maximum amount eligible for the salary advance feature is £5,000 in a single payment.
This new functionality has been enabled by Revolut’s long-term payments partner Modulr, which has direct access to the UK’s Bacs and Faster Payments schemes that are overseen by the Bank of England.
Nik Storonsky, the CEO and founder of Revolut, said: “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.”
Modulr’s CEO and founder, Myles Stephenson, added: “Utilising our APIs and direct access to the Bank of England, Revolut can offer its 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.”
Salary Advance is the latest new feature to be unveiled by Revolut. The company went live with a major upgrade of its mobile banking app in June, and just this week announced that its personal accounts would now be accessible to users through a web browser on a desktop or laptop.
Revolut’s rival digital challenger bank Monzo also operates a “paid early” feature, where it will clear salary payments sent through Bacs at 4pm the day before they would normally be received.