RBL Bank announces launch of Visa Direct for FinTechs in India

By Edil Corneille

Today, RBL Bank, an Indian private sector bank, announced the launch of Visa Direct, a processing capability that facilitates instant, real-time, and secure fund settlement on debit and credit cards. The partnership with the Mumbai-based bank will enable the digital payments company Visa to expand the reach of its real-time payments platform, Visa Direct, across India.

Under this partnership, RBL Bank will offer FinTechs an enhanced value proposition on various domestic transactions and benefit programmes such as refunds, card bill payments, cashback, and disbursements. The Visa-enabled platform will help the bank build advanced technology-led banking solutions to address the evolving needs of its partners and merchants. This will further help FinTechs create a digital payments experience for end customers.

Pushpendra Sharma, Head- Digital Payments and Acquiring, RBL Bank apprised, “Our partners have always been an important and integral part of RBL Bank’s ecosystem. Over the years, we have successfully built a strong partnership model delivering technology led banking solutions to a wide range of companies across both the retail and institutional space. The partnership with Visa underlines our ‘Partners ka Bank’ philosophy and is an extension of the comprehensive portfolio of digital payments solutions we offer our customers.”

Sujai Raina, Head of Business Development, India, Visa enthused, “FinTechs today offer their customers the convenience of simple and quick payments at their fingertips for a variety of services. We are delighted to partner with RBL Bank and help fintechs enhance their offerings with Visa Direct, our real time push payments service that powers a seamless payment experience coupled with faster settlements for bill payments. Using our APIs, fintechs can implement Visa Direct at speed and scale and reduce time to market significantly.”