Visa Expands Global Money Movement Capabilities Beyond the Card with Visa Direct Payouts
30 March 2021 - 10:00PM
Business Wire
Simplifies SMB and consumer payments for
corporate banks, remitters and fintechs
Visa (NYSE:V) today announced the expansion of Visa Direct, a
real-time1 push payments platform, with the introduction of Visa
Direct Payouts. The new solution allows Visa’s clients and partners
around the world to use a single point of connection to push
payments to eligible cards for domestic payouts, and eligible cards
and/or accounts for cross-border payments.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210330005157/en/
Visa Expands Global Money Movement
Capabilities Beyond the Card with Visa Direct Payouts (Graphic:
Business Wire)
“As digital commerce accelerates, Visa is innovating to give
financial institutions, governments, individuals and businesses new
ways to pay and get paid beyond the card,” said Bill Sheley, SVP,
Global Head, Visa Direct, Visa. “The launch of Visa Direct Payouts
marks an important milestone in Visa’s expansion of its
account-to-account capabilities to now reach an additional 2
billion bank accounts around the world. Backed by the operating
scale and performance of VisaNet, the solution integrates Visa’s
acquisition of Earthport to transform how Visa’s clients deploy and
optimize global money movement programs.”
Flexible Visa Direct Payouts APIs reduce complexities often
associated with managing and sending money across multiple networks
and intermediaries worldwide. The solution provides operational
simplicity to move money globally through a single connection to
VisaNet, enabling financial institutions, fintechs, remittance
providers and corporate banks to capture new payment flows for
growth and value creation. Visa Direct Payouts supports real-time2
domestic and cross-border person-to-person (P2P), business-to-small
business (B2SB) and business-to-consumer (B2C) use cases, such as
insurance disbursements, marketplace seller payouts, providing
workers faster access to their earnings, as well as
remittances.
Visa’s clients and partners around the world are launching new
money-movement programs enabled by Visa Direct Payouts.
- Standard Chartered Bank (Hong Kong) Limited is enhancing its
digital International Transfer services for its retail banking
customers
- MoneyGram is launching an enhanced money-movement optionality
for its customers who are sending and receiving money to loved ones
across borders
- KyckGlobal, a Visa fintech partner, enables a variety of B2SB
and B2C use cases through its payments engine, including insurance
claims payouts, fast funds settlement for SMB marketplaces and
quick access to earned wages for independent contractors and hourly
workers
Visa Direct Payouts Client and Partner Quotes
“With 152% year-over-year cross-border digital transactions
growth for MoneyGram Online in 2020 and an impressive 650%
transaction growth for Visa Direct in the fourth quarter3, consumer
demand for our digital P2P payment capabilities continues to
skyrocket,“ said Alex Holmes, MoneyGram Chairman and CEO. “Our
continued expansion with Visa Direct is an important component of
our customer-centric strategy to provide a streamlined,
frictionless customer journey and real-time transfer capabilities
to millions across the globe who rely on our essential
service.”
“Our clients work with a diverse set of payees, including
contractors and gig economy workers, each with different payment
needs, such as a commission payment, expense reimbursement or
insurance claim payout,” said Ashish Bahl, KyckGlobal CEO and
Founder. “With Visa Direct, we are able to ensure our customers’
clients are 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
provides multi-rail access to 5 billion cards and accounts combined
across more than 200 geographies, supporting 160 currencies,
connecting to 16 card-based networks4, 65 domestic Automated
Clearing House (ACH) schemes, seven Real-Time Payment (RTP)
networks and five payment gateways. For Visa Direct transactions,
Visa offers value-added services, including security and
tokenization, bringing peace of mind for SMBs and consumers as they
pay and get paid, and move money internationally.
For more information and to connect with our team, please visit
the Visa Direct Payouts page.
About Visa
Visa (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
_________________
1 Actual fund availability varies by receiving financial
institution, receiving account type, region, and whether the
transaction is domestic or cross-border.
2 Actual fund availability varies by receiving financial
institution, receiving account type, region, and whether the
transaction is domestic or cross-border.
3 Source:
https://ir.moneygram.com/news-releases/news-release-details/moneygram-international-reports-fourth-quarter-and-full-year-5
4 Visa offers the Visa Push Payment Gateway Service to enable
push-to-card capabilities for non-Visa cards in the U.S and
Canada
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210330005157/en/
Aida Hadzibegovic ahadzibe@visa.com
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