Revolut Business, the business account from the FinTech super app Revolut, has rolled out currency forward contracts (FX forwards) in Great Britain, according to a Thursday (May 20) announcement emailed to PYMNTS.
“At Revolut Business, we’re always looking to innovate to help our customers. Our multi-currency accounts and FX engine have helped thousands of businesses save on FX fees, and now we are helping businesses manage their FX risk, too,” James Gibson, head of product at Revolut Business, said in the announcement.
FX Forwards from Revolut Business enables firms of all sizes to set future exchange rates online around the clock. Using their Revolut Business web app, clients can obtain a fixed FX rate for a set amount and date at a later point in time. They can then control, reserve and view their contracts anytime from the dashboard in the web app. A flat 0.8 percent fee is charged for all future exchanges across every company plan, according to the announcement.
Clients can go to the Revolut Business web app and reserve a contract for EUR, USD or GBP as long as three months in advance. They can then select a contract type and choose when and how to draw down fixed or flexible date contracts. Additionally, they can see and control contracts from inside the Revolut Business web app.
The news comes as Revolut Business has rolled out quick-response (QR) codes to allow for socially distanced payments. Owners of companies in various industries can access QR codes on their phones via the Revolut Business app without the need for external devices.
Paulo Guichard, the product owner for acquiring at Revolut, previously said that “the popularity of QR codes has increased as this payment method is quick, easy and allows people to make socially distanced payments, which are increasingly important during the global pandemic.”