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Visa & Moneris team up to boost real-time fund disbursement in Canada

Visa announced a new offering with a Canadian payment processer, Moneris Solutions Corporation, in a bid to expand its real-time fund disbursement reach in Canada. Moneris’ real-time funds solution helps Canadians to receive secure disbursements directly into their bank accounts. The solution is powered by Visa Direct, which has processed around 2 billion transactions in the past year.

“We’re pleased to be able to work with Visa to help deliver this solution. Giving merchants the ability to refund and reimburse customers with real-time push-payments quickly, easily, and securely offers a significant benefit to our merchants,” said Patrick Diab, Chief Product Officer, Moneris. “Removing the administrative burden of cheque issuance and making funds available to customers on cards that they already carry in their wallet can help drive more efficiencies for many of our merchant segments.”

Moneris’ payment solutions serve around 350k merchant locations across Canada, from large national retailers to small businesses, and the funds disbursements opportunity to small businesses and consumers in Canada represent approximately $1.4 CAD trillion. It offers real-time funds solutions to businesses in industries, including insurance, gig economy, prepaid cards, and lending.

“We’re pleased to work with Moneris to help bring efficiencies to the process of sending and receiving money, and provide a smoother experience for individuals, families, and businesses,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “Through Visa Direct, Visa is empowering millions of Canadians to access their money where and when they want, which has become increasingly important during these unprecedented times.”

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