Simplifying SMB and consumer payments for commercial banks, referrers and fintech companies
Visa announced the expansion of Visa Direct, a real-time push payments platform , with the introduction of Visa Direct Payouts . The new solution allows Visa customers and partners worldwide to make push payments to eligible cards for domestic withdrawals and eligible cards and / or accounts for cross-border payments via a single connection point.
“Our customers work with a range of payees, including contractors and gig economy workers, who each have different payment needs, such as a commission payment, a reimbursement of expenses or the payment of an insurance claim”
“As digital commerce advances, Visa is offering financial institutions, government agencies, individuals and businesses new ways to not just pay and be paid by card,” said Bill Sheley, SVP and Visa Global Head of Visa. “The launch of Visa Direct Payouts marks an important milestone in expanding Visa’s account-to-account capabilities, which will now add an additional two billion bank accounts around the world. Backed by the operations and capabilities of VisaNet, the solution integrates Visa’s acquisition of Earthport to transform the way Visa customers deploy and optimize global monetary programs. ”
Visa Direct Payouts’ flexible APIs reduce the complexity often associated with managing and sending money across multiple networks and intermediaries around the world. The solution provides a simple process for moving money globally through a single connection to VisaNet, and enables financial institutions, fintech companies, remittance providers and commercial banks to capture new cash flows for growth and value creation. Visa Direct Payouts supports domestic and cross-border person-to-person (P2P), business-to-small-business (B2SB) and business-to-consumer (B2C) use cases in real time such as B. Payouts from insurance companies, payouts to sellers on marketplaces, faster access to wage payments for employees and transfers.
Visa customers and partners around the world are introducing new money transfer programs made possible by Visa Direct Payouts.
- Standard Chartered Bank (Hong Kong) Limited is improving its digital services for international transfers for its end customers
- MoneyGram is providing an enhanced option for money transfers to customers who send and receive money to and from their loved ones across borders
- KyckGlobal, a Fintech partner of Visa, enables a variety of B2SB and B2C use cases with its payment engine, including insurance claim disbursement, fast cash settlement for SME marketplaces and quick access to wage payments for independent Contractors and hourly wage earners
Quotes from Visa Direct Payouts customers and partners
“With cross-border digital transactions up 152% in 2020 at MoneyGram Online and an impressive 650% transaction growth at Visa Direct in Q4 , consumer demand for our P2P digital payment options continues to skyrocket,” said Alex Holmes , Chairman and CEO of MoneyGram. “Our continued expansion with Visa Direct is an important element of our customer-centric strategy to provide an optimized, smooth customer journey and real-time transfer options to the millions of people around the world who rely on our indispensable service.”
“Our customers work with a range of payees, including contractors and gig economy workers, who each have different payment needs, such as a commission payment, an expense reimbursement or an insurance claim,” said Ashish Bahl, CEO and founder of KyckGlobal . “With Visa Direct, we can ensure that our customers’ customers get paid quickly and securely wherever they access funds, which is more important than ever in today’s economic environment.”
With the addition of Visa Direct Payouts, Visa Direct now offers multi-track access to a total of 5 billion cards and accounts in over 200 countries. 160 currencies are supported and connections to 16 card-based networks , 65 domestic ACH systems (automated clearing houses), 7 RTP networks (real-time payment) and 5 payment gateways are guaranteed. Visa offers additional services for Visa Direct transactions, including security and tokenization, that provide SMBs and consumers with peace of mind when making payments, receiving payments and transferring funds internationally.