Reportedly, Visa (V) has announced the expansion of Visa Direct with the introduction of Visa Direct Payouts. The new solution allows global Visa clients and partners to use a single point of connection to push payments to eligible cards and/or accounts for cross-border payments, and eligible cards for domestic payouts.
“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.” stated Bill Sheley, SVP, Global Head, Visa Direct, Visa.
Flexible Visa Direct Payouts APIs reduce difficulties and complexities related to managing and sending money across multiple networks and intermediaries worldwide. Visa Direct Payouts assist in real-time 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, faster payment access to workers to their earnings, as well as remittances.
Visa’s clients and partners around the world like Standard Chartered Bank (Hong Kong) Limited are improving its digital International Transfer services for its retail banking customers, MoneyGram is launching enhanced money-movement optionality for its customers like sending and receiving the money to loved ones across borders.
“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,” stated 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.”
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their 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 connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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