Visa Direct Expands Its Reach With Real-Time, Card-Based P2P and Funds Disbursements Services
October 21 2016 - 8:00AM
Business Wire
Payment processors, financial institutions and
technology companies select Visa Direct’s innovative platform for
fast and easy integration into their payment services
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. Through Hyperwallet’s JavaScript Widget, developers
will be able to 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 funds
disbursements.
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.
About Visa
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/ and @VisaNews.
1 Visa requires US issuers to make funds available to its
cardholders within a maximum of 30 minutes of approving the
transaction.
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version on businesswire.com: http://www.businesswire.com/news/home/20161021005223/en/
Visa Inc.Aida Hadzibegovic, 415-805-4242ahadzibe@visa.com
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