Visa Expands Real-Time Push Payments with Introduction of Visa Direct Payoutsby Fintechnews Switzerland April 5, 2021
Visa has announced the expansion of Visa Direct, a real-time 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.
Visa Direct Payouts supports 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, providing workers faster access to their earnings, as well as remittances.
A number of Visa’s clients and partners around the world are launching new money-movement programs enabled by Visa Direct Payouts. One of them is Standard Chartered Bank (Hong Kong) Limited which is enhancing its digital international transfer services for its retail banking customers.
Additionally, MoneyGram is launching an enhanced money-movement optionality for its customers who are sending and receiving money across borders.
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 networks, 65 domestic Automated Clearing House (ACH) schemes, seven Real-Time Payment (RTP) networks and five payment gateways.
“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.”
said Bill Sheley, SVP, Global Head, Visa Direct, Visa.