Visa to transform payments in Europe with Visa Direct – a real-time payments platform with global reach
November 02 2017 - 5:00AM
Business Wire
- Visa launches Visa Direct in Europe –
enabling real-time1 payments using Visa’s global reliable and
secure payments network
- Visa Direct powers business initiated
payments, such as payouts of insurance claims, as well as
person-to-person payments
- Visa announces partnership with
Worldpay, an early adopter of Visa Direct – rolling out the
benefits to merchants from early 2018
Visa has announced the European launch of Visa Direct – a
real-time payments platform that allows companies to leverage
Visa’s global reach and scale to transform domestic and
cross-border payments for businesses and consumers. Visa is working
with payment service providers, financial institution clients and
strategic partners to roll out services using Visa Direct.
Visa Direct enables person-to-person (P2P), business-to-consumer
(B2C), and business-to-business (B2B) payments. With Visa Direct,
funds can be transferred into the recipient’s Visa account quickly,
conveniently, and securely – providing instant access to funds2 and
the ability to make purchases at 44 million retail locations
worldwide.
Visa has partnered with Worldpay, a global leader in payments
processing technology and solutions for merchants, to accelerate
the availability of Visa Direct to merchants in Europe and
subsequently across all of its markets globally. Once recipient
banks make required changes to their systems, 3 Visa Direct will
enable Worldpay’s merchants to send real-time payments to consumers
– improving customer satisfaction.
“For decades, Visa has led the way in transforming the way we
pay in stores and online. Now, we have an opportunity to transform
how consumers and business pay each other in a fast, convenient and
secure way,” said Mike Lemberger, Senior Vice President of Product
Solutions, Visa in Europe. “Visa Direct is a proven platform that
enables technology companies, businesses and financial institutions
to meet the demand for real-time payments, backed by the ubiquity,
cost-efficiency and speed of Visa’s global network.”
Dave Glaser, Chief Product Officer, Global eCom at Worldpay
said: “In recent years, the payments landscape has changed
dramatically with clients and consumers alike expecting to be able
to make a payment under their own terms – whether that is making a
real-time payment or using a specific method. We are proud to be
working with Visa on this unrivalled platform as an early adopter
in Europe and other global markets and believe that Visa Direct is
an important step in meeting those needs – providing both acquirers
and merchants with the tools they need.”
Visa Direct is expected to transform payments in Europe by
enabling a range of real-time payment use cases backed by the
security and scale of Visa’s global payment network, including:
- Business-to-consumer: enabling
businesses to send almost any kind of payment directly to a Visa
account – such as gaming winnings, insurance payouts, and daily
merchant settlements.
- Business-to-business: enabling
businesses to pay freelancers, contractors, and other small
businesses – in real time.
- Person-to-person: enabling
consumers to pay each other quickly, conveniently, and securely,
often through their connected devices – such as when splitting
bills or giving gifts.
In the US, Visa Direct is already enabling payments for partners
such as PayPal, Braintree, Square Cash, and Stripe.
Visa Direct is one of the many Application Program Interface
(API)-based network capabilities available on the Visa Developer
Platform – an open platform intended to drive innovation in
payments and commerce. The platform is designed to help financial
institutions, merchants, and technology companies meet the demands
of consumers and merchants who increasingly rely on connected
devices to shop, pay, and get paid.
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 one billion
consumer card accounts globally. 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.
Visa in Europe has announced a mandate that requires card
issuers to enable real-time payments by October 2018. Real-time
payments allow funds to be sent by issuers to cardholders no later
than 30 minutes from a transaction being approved.
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 Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analogue to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit (www.visaeurope.com), the Visa Vision blog
(vision.visaeurope.com), and @VisaInEurope
About Worldpay
Worldpay is a leading payments company with global reach. We
provide an extensive range of technology-led payment products and
services to around 400,000 customers, enabling their businesses to
grow and prosper. We manage the increasing complexity of the
payments landscape for our customers, allowing them to accept the
widest range of payment types around the world. Using our network
and technology, we are able to process payments from geographies
covering 99% of global GDP, across 146 countries and 126
currencies. We help our customers to accept more than 300 different
payment types.
For more information,
visit http://www.worldpay.com/global
1 Actual fund availability varies by financial institution.
2 Actual fund availability varies by financial institution.
3 Visa in Europe has announced a mandate that requires card
issuers to enable real-time payments by October 2018.
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