back Back

Visa and CIBC collaborate for instant global remittances

By Delisha Fernandes

January 10, 2024

  • B2B Cross Border
  • B2C payouts
  • Cibc
Share

Visa, SAP

Visa and CIBC, have announced a new collaboration that will enable the bank’s clients to send funds to family and friends across borders more conveniently.

With Visa Direct’s money movement capabilities, CIBC and Simplii clients will soon be able to send money to a new range of digital wallets in key remittance destinations, including the Philippines, China, Bangladesh, and Kenya, where they are the primary method for people to pay and get paid. The new capability will be made available early this year.

“Visa Direct enables consumers and businesses to send money cross-border with ease, and we are thrilled to work with industry leaders like CIBC and Simplii to provide even more remittance options for their customers,” said Sam Fuda, Vice President and Head of Commercial and Money Movement Solutions, Visa Canada. “Together, we are working to break down the barriers of cross-border money movement to improve speed, transparency, and accessibility for both the sender and receiver.”

Driven by rapidly changing consumer demands, digital wallets are among the fastest-growing financial instruments in the world, with global numbers expected to cross 5.2 billion by 2026. Particularly for unbanked individuals in emerging markets, digital wallets serve as a valuable gateway to the financial system.

This announcement builds on the companies’ earlier collaboration that enables CIBC and Simplii clients to use Visa Direct-enabled cross-border person-to-person (P2P) and business-to-consumer (B2C) payouts through CIBC’s and Simplii’s Global Money Transfer service.

“Sending foreign currency has become an increasingly important part of many Canadians’ daily banking needs—a trend that we expect will continue for years to come,” said Jimmy Dinh, Managing Director, Direct Financial Services, CIBC Capital Markets. “Listening to our clients and working closely with Visa will help us to further build our unique no-transfer-fee cross-border payments platform that’s available with the rest of their banking services.”

Visa Direct provides access to nearly 8.5 billion endpoints, including 3+ billion accounts, 3+ billion cards and 2.5+ billion digital wallets. Visa Direct is helping transform global money movement by facilitating the delivery of funds to eligible wallets, digital wallets, and cards around the world.

Previous Article

January 10, 2024

PayMate & NBO team to offer B2B payments via Visa business credit cards

Read More
Next Article

January 10, 2024

Bizongo unveils business financing app ‘Next by Bizongo’ for MSMEs

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

PayPoint & Lloyds Bank enhance merchant services for UK SMEs

Read More

Today

Premier Bank & Mastercard roll out Sharia-compliant cards in Kenya

Read More

Today

Mambu acquires French PayTech provider Numeral

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More