Revolut's Irish customers can now send money in seconds to banks and financial institutions across Europe using new instant payment technology. 

The digital banking app said the move could significantly benefit Irish businesses that want to send money instantly to a bank in Europe, or receive instant payment for goods or services from the Euro area.

Revolut has more than one million customers in Ireland.

It said it is the only mainstream financial services provider here which offers the SEPA Instant service, which can be used both to send and receive funds.

Barclays Bank and PFS Card Services are the only other payment service providers who offer SEPA Instant.

Until now, businesses in Ireland which wanted to send money to banks within the rest of the EU had to make a transfer from their traditional bank account here. 

These traditional transfers are usually not completed for 1-2 working days and they can not be made at weekends or bank holidays. Businesses could alternatively use money transfer services, but these typically attract a fee. 

SEPA Instant transfers can be made 365 days a year, at any time of night or day, to any one of 2,200 European payment service providers which have signed up to the scheme, Revolut said.

The digital banking app said the new SEPA Instant system will be of particular benefit to Irish Revolut customers who want to send money to a recipient in Europe who does not currently use Revolut.

It said the move will also be significant for thousands of EU nationals living here who may want to send money to banks in their home countries. 

Based on 2016 census data, there are between 250,000 and 300,000 EU citizens currently living in Ireland (excluding UK citizens). 

"Between them they make many hundreds of thousands of euro transfers to banks in the euro zone every year using the traditional, slow bank transfers from their Irish bank accounts. Now with Revolut they can send the money instantly to an account in any participating EU financial institution," it added.