Revenir are offering banks an innovative white label API service, to maximise the capability of their banking apps, leveraging AI to automate VAT reclaim for retail customers returning from EU travel trips.
Revenir partners with banks.
VAT reclaims paid into a customers bank account, with AI powered automation.
Existing VAT Reclaim Model
Each year more than £30bn of VAT reclaims are left unclaimed by shoppers in Europe. The VAT reclaim process is clunky, confusing and difficult to access. Cash reclaims at the airport take hours of queuing and typically incur fees of 40-70%. Many UK citizens are unaware they are eligible to reclaim VAT on their shopping in Europe, or don’t bother because it is too much hassle, meaning an estimated 80% of VAT is left unclaimed by UK travelers abroad.
This is where Revenir come in. Revenir have developed the first white label API service, which plugs directly into a bank or cardholders application, leveraging customer data to reclaim VAT automatically cross borders.
The Revenir Way
Revenir have developed a user-friendly model for VAT reclaim, leveraging AI to automate tax reclaim. Revenir connects user data to local Tax Authorities, to issue VAT refunds on foreign spending with minimal hassle, typically within 48 hours, adding value to customers. Banks may use this value-add to further drive customer acquisition.
Banking partners notify users, generating awareness about the VAT reclaim mechanism, when travelling to eligible countries. Once the customer accepts the terms, Revenir’s API’s filter data and submit a claim to the relevant tax authority, paying eligible cash back automatically.