admin Visa has announced plans of expanding its global money movement capabilities beyond the traditional Visa card. The company has started a new portal titled Visa Direct Payouts to facilitate this card-less payment method.
Details about the New Venture
Visa Direct is a real-time, push payments platform ideated by the reputed company, Visa. The firm has now announced the expansion of this platform through its new venture titled 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.
Bill Sheley, SVP, Global Head, Visa Direct, Visa asserted, “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. 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.”
How Will It Work?
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.
Collaborative Effort
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.
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