Leading US Banks, Early Warning, Fiserv, Ingo Money, PayPal and
Square choose Visa Direct for its ubiquity, speed and security
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 4, 2016--
Visa (NYSE:V) today announced that more companies in the United States
are choosing Visa Direct to expand their real-time payment services.
Visa Direct is a payments platform designed to allow financial
institutions, developers and partners to offer secure real-time1
person-to-person (P2P) payments and business disbursements such as
insurance claims payments, contractor payments, tax refunds and many
other forms of business payment services.
The Visa Direct platform has the ability to transfer funds within
minutes to and from more than 200 million Visa debit cards in the United
States. Visa can also transfer funds to and from non-Visa branded debit
cards. Funds are transferred into the customer’s account linked to a
debit card without the need for complicated deposit account number and
routing code details.
Leading players are already using Visa Direct to offer a range of
innovative real-time payment services – from mobile P2P payments between
friends to business disbursements for sharing-economy services such as
ride-sharing companies. For example, Early
Warning, a company made up of leading financial institutions
offering real-time payments, authentication and risk mitigation, will
enable real-time P2P payments on its clearXchange network using
U.S.-issued debit cards through the Visa Direct platform. Fiserv, the
first company to leverage Visa Direct for P2P payments, is already
offering Visa Direct as part of its Popmoney personal payments service.
Additionally, last week PayPal
and Visa announced that consumers will soon be able to instantly
withdraw and move money from their PayPal and Venmo accounts to their
bank account via their Visa debit cards leveraging Visa Direct –
providing an experience that offers speed, security and convenience.
Early Warning, Fiserv and PayPal join a growing list of innovative
companies or partnerships using Visa Direct which also includes Ingo
Money and Square. Together, these partnerships represent significant
progress in advancing the Federal Reserve’s stated goal to bring faster
payments to consumers in the US.
“We’re always looking at ways we can deliver convenient, fast and secure
payment solutions to meet our customers’ needs,” said David Godsman,
head of emerging payments at Bank of America. “By working with Early
Warning and Visa, we can offer consumers more choice and greater options
for faster payments.”
“With Visa Direct, our clients and partners can greatly improve the way
their customers can send and receive money – making their bank cards
that much more valuable,” said Jack Forestell, senior vice president of
global product, Visa Inc. “With the largest base of debit cards in the
country and connections to non-Visa debit cards, Visa Direct provides an
unmatched combination of ubiquity, cost-efficiency and speed for
companies looking to offer real-time payments to anyone.”
In the U.S., the real-time “push” payments market segment has been
estimated to be valued at more than $10 trillion, which includes
approximately $1 trillion in P2P payments and $9 trillion in various
forms of disbursements and contractor payments.2 Since the
majority of these payments are currently made with cash, checks and
through the Automated Clearing House (ACH), financial institutions and
developers have a tremendous opportunity to digitize and ultimately
improve the speed, convenience and security of sending and receiving
these type of payments.
The Visa Direct platform is available in more than 200 markets around
the world and can be potentially used to reach more than three billion
consumer card accounts. Available through a comprehensive Visa Direct
API library, financial institutions and technology partners can quickly
build real-time payment solutions through a feature-rich suite of web
services on the Visa Developer Platform.
More information about the Visa Developer Platform can be found at https://developer.visa.com/.
More information about Visa Direct can be found at www.visa.com/visadirect.
Visa Inc. (NYSE:V) is a global payments technology company that connects
consumers, businesses, financial institutions, and governments in more
than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit https://usa.visa.com/
1 Visa requires U.S. issuers to make funds available to its
cardholders within a maximum of 30 minutes.
2 Year 2015 sizing is estimated to be $10.1 trillion derived
from calculations compiled from the following sources:
P2P $1.2T (source: Aite P2P Payments, Nov 2015)
B2C $6.1T (sources: Aite 2015 B2C Disbursements, Dec 2015; Bureau
of Labor Statistics, Sept 2015; Government Accountability Office,
Contingent Workforce Study, 2015; Morgan Stanley, Global
Marketplace Lending May, 2015; Insurance Information Institute,
2014; Oxford Economics, 2014)
G2C $1.8T (source: Aite 2015 B2C Disbursements, Dec 2015)
B2B $1.0T (sources: Statista, Annual Retail Industry Sales, 2014;
eMarketer, 2014; National Retailers Federation, 2014; Morgan
Stanley, Global Marketplace Lending May, 2015)
View source version on businesswire.com: http://www.businesswire.com/news/home/20160804005466/en/
Source: Visa Inc.
Sarah Hamblen, 415-728-7268