Visa unveils Visa Direct Payouts; new ways to pay & receive payments beyond the card
By Pavithra R
Visa has announced the expansion of Visa Direct, a real-time payments platform with the introduction of Visa Direct Payouts. The new solution enables Visa’s global customers and partners to use a single connection point for real-time payments to eligible cards for domestic payments, and to eligible cards and/or accounts for international payments.
Visa Direct Payouts flexible API interfaces minimize the complexities associated with managing and sending money across multiple networks and intermediaries. The solution offers operational simplicity to move money globally through a single connection to VisaNet, enabling FIs, FinTechs, remittance providers, and corporate banks to capture new payment flows to generate value and grow.
Visa Direct Payouts supports real-time use cases of domestic and international person-to-person (P2P), business-to-small-business (B2SB), and business-to-consumer (B2C) transactions such as payments to sellers in marketplaces, payouts insurance, provide workers with faster and easier access to their income, as well as remittances.
“As digital commerce accelerates, Visa is innovating to offer financial institutions, governments, individuals and businesses new ways to pay and receive payments beyond the card. The launch of Visa Direct Payouts marks an important milestone in the expansion of Visa’s account-to-account capabilities to now reach an additional 2 billion bank accounts worldwide. Supported by the scale of operations and performance of the company. VisaNet payments network, the solution integrates Visa’s acquisition of Earthport to transform how Visa customers implement and optimize global money movement programs,” said Bill Sheley, Senior Vice President, Global Head of Visa Direct.
Visa customers and partners are launching new money movement programs enabled by Visa Direct Payouts.
- Standard Chartered Bank (Hong Kong)is enhancing its Digital International Transfer services for its retail banking clients.
- MoneyGram is introducing an optional enhanced money movement functionality for customers who send and receive money from loved ones in other countries.
- KyckGlobal, a Visa partner FinTech company, enables a variety of B2SB and B2C use cases with its payment engine, including quick fund settlement for SMB marketplaces, insurance claim payments, and quick access to earned wages for independent contractors and hourly workers.
With the addition of Visa Direct Payouts, Visa Direct now offers multi-rail access to 5,000 mn cards and combined accounts in more than 200 geographic areas, supporting 160 currencies, connecting 16 card-based networks, 65 Household House schemes. Recently, Visa announced digital currencies coming to its settlement platform.
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