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.
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.
Bill Sheley, SVP, Global Head, Visa Direct, Visa, commented:
“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.”
Alex Holmes, MoneyGram Chairman and CEO, commented:
“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. 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.”
Ashish Bahl, KyckGlobal CEO and Founder, commented:
“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. 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.”
