Payment processors, financial institutions and technology companies
select Visa Direct’s innovative platform for fast and easy integration
into their payment services
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 21, 2016--
Today Visa (NYSE:V) announced that Visa Direct continues to gain
momentum as a faster payments solution through key partnerships with FIS
and Jack Henry & Associates, Inc. (NASDAQ: JKHY) for person-to-person
(P2P) payments, and Stripe, Hyperwallet and Ingo Money for faster
business and government disbursements.
Visa Direct is a card-based platform that can deliver funds in real-time1
to more than 200 million Visa debit cards in the United States, as well
as non-Visa branded debit cards, for ubiquitous reach to any consumer or
small business with a debit card. Funds are transferred into the
customer’s bank account without the need for complicated checking
account and routing numbers.
“Visa Direct has experienced incredible growth in the US in 2016,” said
Bill Sheley, head of global push payments, Visa Inc. “In the personal
payments and business disbursements space, where cash and checks still
prevail, it is very exciting to join forces with our partners to help
digitize these services for faster and more secure payments. In today’s
new economy, we look forward to helping businesses and consumers send
and receive funds in a more efficient and effective way.”
FIS, a global leader in financial technology, has integrated Visa Direct
into People Pay, its P2P payments service for financial institutions.
Offered as a white-label solution, banks can use their existing
integration with FIS to easily leverage the card-based feature for their
customers in online and mobile banking. Jack Henry & Associates, a
leading provider of integrated technology solutions and payment
processing services for financial institutions, has partnered with Visa
to deliver faster P2P payments to a recipient’s Visa debit card. The
integration of JHA Payment Solutions™ with Visa Direct will enable
recipients to receive funds on the same day or one day sooner based on
the institution’s funding model.
Visa Direct is also making business disbursements to consumers and
businesses faster and easier. Stripe’s
new Instant Payouts feature, which allows drivers, couriers and
other sellers in online marketplaces to get paid immediately, is
leveraging Visa Direct. Many marketplaces are already using
Stripe’s service including Lyft, Care.com and goPanache, among others.
Hyperwallet, a leading global payouts provider to digital marketplaces,
has also integrated Visa Direct into its existing payout methods.
quickly plug into its platform and offer real time payout capabilities
within their native application, with minimal coding required. This will
ultimately help Hyperwallet’s clients to more easily and securely pay
their distributed workforce, while reducing costs and improving the
timeliness of their payments.
“Faster payments are now the center of attention in the payments
industry and rapidly becoming the new norm among consumers and
businesses,” said Tim Sloane, vice president, payments innovation,
Mercator Advisory Group. “Visa Direct is the right product at the right
time because it enables faster payments in the market segments that are
growing the fastest, including P2P and Mass Payments, and utilizes the
API form factor that enables broader consumption by solution providers
combined with faster operational deployment.”
In addition, Ingo Money, a leader in real-time push payments technology,
will leverage Visa Direct to power its faster payments solution, Ingo®
Instant Payments. The solution is an API-based, turnkey push payments
platform and gateway that provides merchants, businesses, governments
and financial institutions with an easy to integrate, low-cost solution
to disburse funds to consumers, service providers, employees and more.
Through this collaboration, Visa and Ingo Money will bring to market a
solution that greatly reduces the friction of implementing real-time
About Visa Direct
The Visa Direct platform is available in more than 200 markets around
the world and can be 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 US issuers to make funds available to its
cardholders within a maximum of 30 minutes of approving the transaction.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161021005223/en/
Source: Visa Inc.
Aida Hadzibegovic, 415-805-4242