Since 2022, Revenir was one of the first automated VAT companies to tap into the emerging technology to speed up VATs and eliminate the friction that comes with this.
Fast-forward to 2024, and looking into 2025, Shawn Du, CEO and Founder of Revenir, spoke to Payment Expert on how AI has been used by the company to bring forth impactful changes to the VAT process.
Du also spoke on the development of AI and why its regulation is key in realising its potential whilst safeguarding consumers, as well as sharing his take on the fintech/bank competition that continues to proliferate.
Payment Expert: What are some of the challenges when it comes to automating VAT Refunds over the past several years?
Shawn Du: Automating VAT refunds has been a particularly complex endeavour due to a few persistent challenges.
Firstly, regional tax regulations and policies differ significantly across jurisdictions, making it difficult to standardise the refund process.
Secondly, data quality issues—such as incomplete, inaccurate, or inconsistent documentation—have historically hindered seamless processing. Businesses often struggle with fragmented financial systems, meaning data is not centralised or easily accessible, leading to inefficiencies.
Another major hurdle has been fraud prevention. The VAT reclaim process is vulnerable to exploitation and ensuring compliance while detecting fraudulent claims requires sophisticated systems.
Lastly, customer experience expectations have evolved. Manual processes that might have been acceptable years ago now seem outdated, particularly for consumers and businesses accustomed to instant digital solutions.
Payment Expert: How is Revenir AI providing solutions to not only accelerate the VAT Reclaims process but also provide a secure long-term growth driver for financial companies?
Shawn Du: Revenir AI leverages machine learning algorithms and data-driven automation to streamline the VAT reclaim process.
By integrating directly with banks, payment processors and financial institutions, we ensure that relevant data is captured in real-time. This eliminates manual errors, reduces delays, and improves compliance by flagging potential issues early.
Additionally, secure data encryption and fraud detection mechanisms ensure that all transactions are safeguarded.
Beyond immediate operational benefits, Revenir AI acts as a strategic growth enabler. By delivering cost savings and operational efficiencies, it allows financial companies to reallocate resources toward innovation and customer engagement, ensuring long-term sustainability.

Payment Expert: Looking at the current UK financial landscape as 2024 is about to end, have fintechs surpassed traditional banks in terms of popularity and usage and if so, why?
Shawn Du: As 2024 draws to a close, it is evident that fintechs have made significant inroads into areas traditionally dominated by banks.
For younger demographics, fintechs are often the preferred choice due to their intuitive interfaces, transparency, and speed. The rise of digital wallets, Buy Now Pay Later (BNPL) services, and blockchain-based payment systems underscore fintechs growing relevance.
However, the answer isn’t entirely binary. Banks still hold the trust of older demographics and larger corporations, particularly for high-value transactions and wealth management. Rather than surpassing banks outright, fintechs have carved out a complementary space in the financial ecosystem, driving banks to innovate and modernise.
Payment Expert: Whether a consumer prefers a fintech or a traditional bank, why is it essential for each sector to lean on one another in order for the UK financial landscape to remain healthy and competitive?
Shawn Du: The relationship between fintechs and banks is symbiotic. Fintechs bring agility, innovation, and customer-centric solutions, while banks offer scale, regulatory expertise, and established customer bases.
A collaborative approach ensures that the UK financial sector remains both competitive and resilient. For example, partnerships between fintechs and banks can enhance cross-border payment solutions or streamline regulatory compliance using AI.
Consumers, meanwhile, benefit from the best of both worlds: the innovative technology of Fintechs and the security and reliability of banks.
Payment Expert: Since 2002, AI has accelerated to new heights. How has Revenir’s use of technology evolved over time?
Shawn Du: AI has always been at the heart of Revenir’s mission, but its role has evolved significantly. Initially, our focus was on simple rule-based systems to automate repetitive tasks.
Over time, we transitioned to using machine learning models capable of identifying patterns in complex datasets, such as customer purchasing behaviours or tax regulation anomalies.
Today, Revenir employs advanced neural networks and predictive analytics, enabling not only real-time decision-making but also the ability to anticipate future trends. For example, our platform can forecast VAT eligibility shopping timelines with remarkable accuracy, helping clients plan better when travelling.

Payment Expert: How has AI been used and handled by Revenir AI in order to alleviate time consuming tasks for financial entities?
Shawn Du: Revenir AI automates labour-intensive processes like data entry, verification, and compliance checks. For example, financial entities no longer need to sift through reams of paperwork to determine VAT eligibility; our system analyses and processes this data in minutes.
Tasks that once took weeks, such as multi-country VAT claims, can now be completed in days if not hours.
Payment Expert: Lastly, and thank you for your time, how crucial is it for AI to be regulated within not just the financial sector, but all sectors and can we truly understand its potential if it were to be regulated?
Shawn Du: Regulating AI is crucial for fostering trust, accountability, and ethical use. In the financial sector, unchecked AI could lead to biased credit decisions or vulnerabilities in fraud detection systems.
Proper regulation ensures that the technology is used responsibly without stifling innovation. However, regulation must strike a balance.
Over-regulation risks slowing down progress and deterring investment, while under-regulation could expose consumers and businesses to harm. By adopting a principles-based regulatory framework—focusing on transparency, fairness, and accountability—we can harness AI’s potential while mitigating its risks.
Understanding AI’s full potential under regulation requires us to view it as a collaborative effort. Developers, businesses, and policymakers must work together to establish guidelines that benefit society as a whole. Only then can we unlock AI’s transformative possibilities while ensuring a fair and secure future.