Revenir AI Launches Easy VAT Reclaim For Travellers
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UK Fintech Firm Revenir AI has launched a white-label app to quicken VAT claims. Travelers in the UK will automatically start reclaiming VAT on purchases made overseas through their smartphones.
Every year, customers in the UK are unable to reclaim billions in VAT and corresponding taxes. This is because of the inaccessible, complex, and cumbersome nature of the present reclaim process.
Revenir Will Partner With Banks To Simplify The Reclaim Method
Revenir AI has simplified this process by collaborating with financial institutions and tax authorities. The firm has provided pioneering technology that helps banks to increase their revenue streams and grow their digital offerings.
Financial institutions are increasingly collaborating with fintech companies to adopt innovation and enhance customer services. Moreover, these partnerships should be able to resolve issues related to regulatory adherence and security.
The founder and chief executive officer of Revenir AI, Shawn Du, revealed that he experienced lengthy queues on VAT reclaims at Heathrow. This gave him the idea of creating Revenir AI which later advanced during his MBA studies.
Together with Co-Founder Miles Covers, both of them envisioned the utilization of technology for the universal market. This led to the launch of Revenir to reduce paper usage and save money for travelers.
Revenir Enables Banks To Release Automatic VAT Refunds To Customers
The Revenir is devoted to enabling banks to release automatic VAT refunds to customers straight to their credit or debit cards within 48 hours. The firm has garnered £2.5 million from investors to disrupt the £100 billion worldwide tax reclaim marketplace using its platform powered by AI.
The company continues to improve its service to add new destinations across Europe and worldwide. It intends to introduce new partners who are interested in improving their services. The movement will help bring in more customers and increase their satisfaction.
Shawn Du mentioned that the team used AI to simplify the process for bank customers to retrieve tax while they enjoy more rewards during travels. He said that the amount may be large or small, but believes that everyone will make good use of it shortly.
The UK is among the few countries that have disabled VAT refunds on transnational shopping. Although, those residing in the UK can claim VAT for travel abroad.
They are well positioned to achieve this at the Paris Olympics where tourists are expected to use up €4 billion this summer, as Britons are set to be among the highest spenders.
Revenir is devoted to positive social and environmental outcomes. It lessens paper use by distributing lengthy forms and via the digital receipt environment. About 11 billion papers in the UK are given out each year, and most of them go to landfill.
