TELUS Health and Payment Solutions and Peoples
Payment Solutions among the first to implement Visa Direct's
capabilities to enable real-time payments for businesses and
consumers
TORONTO, May 8, 2018 /CNW/ - Visa (NYSE: V) today
announced it is expanding Visa Direct – a real-time push
payments platform that allows companies to leverage Visa's global
network to transform domestic and cross-border payments to
businesses and consumers, in Canada. Peoples Payment Solutions, in working
with TELUS Health and Payment Solutions, will be among the first
companies in Canada to leverage
the business-to-business (B2B) and business-to-consumer (B2C)
solution to better serve their customers with quick, simple and
secure payments.
Fund disbursements represent a major opportunity in Canada. Recent research by the Aite Group
estimates that funds disbursements to consumers and small
businesses to be an approximately $1.1 trillioni CAD opportunity.
The study also found that 62 per cent of consumersii and
96 per cent of merchantsiii would be likely to opt in
for a real-time payment method if it were available.
"Expanding Visa Direct in Canada is an important milestone in our
journey to transform the way consumers and businesses around the
world pay each other," said Brian
Weiner, Vice President and Head of Product, Visa Canada.
"Companies like Peoples Payment Solutions and TELUS Health and
Payment Solutions are helping us modernize payments in industries
like healthcare and insurance by creating a faster and more
seamless payment experience for their customers. Visa Direct is
changing the way we use cards by re-imagining payments for the
digital age."
Real-Time Payment
Once in market, Peoples Payment Solutions and TELUS Health's
Health Benefits Management platform, powered by Visa Direct, will
enable push payments directly into a customer's Visa debit account
in real-time. This will significantly speed up funds disbursements
for patients who are, for example, submitting benefits claims from
healthcare professionals, shortening it to instant reimbursement
versus waiting several days to a week for payout.
"Working with innovative companies like Visa and Peoples Payment
Solutions allows us to lead the way in providing an even better,
faster benefit claims experience for our insurance partners and
ultimately, plan members," said Luc Vilandré, Vice President and
Chief Operating Officer, TELUS Health and Payment Solutions.
"Leveraging the power of real-time technology to disburse funds
instantly is far more efficient for patients and removes an
unnecessary layer of complexity, enhancing the overall benefits
experience."
"We are first in Canada to
bring the Visa Direct solution directly to fintechs, SMBs, and
enterprise customers. Working in conjunction with technology
leaders, like Visa and TELUS Health, we can now offer a
comprehensive set of APIs that enable businesses to send real-time
payments to Visa debit cards in Canada," said Howard
Klein, President at Peoples Payment Solutions. "We are
seeing continued innovation in the payments landscape, and at
Peoples Payment Solutions, we are demonstrating our ability to lead
with emerging technology."
Expanding Visa Direct-based disbursements in Canada
Visa Direct transforms payments by creating a convenient and
frictionless way to send and receive money, regardless of borders
or location. The Visa Direct platform is already available in more
than 200 markets around the world, and enables a range of real-time
payment use cases backed by the security and scale of Visa's global
payment network, including:
- Business-to-business: enabling businesses to pay
freelancers, contractors, and other small businesses – in real
time.
- Business-to-consumer: enabling businesses to send almost
any kind of payment directly to a bank account – such as insurance
payouts and real-time merchant settlement.
- 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.
The Visa Direct person-to-person payments capabilities have been
live in the Canadian market since 2013.
For more information about Visa Direct, visit:
https://usa.visa.com/partner-with-us/payment-technology/visa-direct.html.
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
analog to digital, Visa is applying our brand, products, people,
network and scale to reshape the future of commerce. For more
information, visit visa.ca, visacorporate.tumblr.com and
@VisaNewsCA.
About TELUS Health
TELUS Health is a leader in
telehomecare, electronic medical and health records, consumer
health, benefits management and pharmacy management. TELUS Health
solutions give health authorities, providers, physicians,
pharmacists, patients and consumers the power to turn information
into better health outcomes. For more information about TELUS
Health, please visit: telushealth.com.
About Peoples Payment Solutions
Peoples Payment
Solutions offers a suite of industry-leading payment processing
solutions for merchants through our various processing
relationships. A subsidiary of Peoples Trust Company, PPS
specializes in providing BIN Sponsorship for merchant processing
and facilitating payments. We provide a "one-stop shop" for
merchants in Canada with sponsored
Independent Sales Organizations (ISOs), Payment Facilitators, and
Processors with connections to Visa, Mastercard, Discover, and
Interac. Enabling innovative merchant payment and money
disbursement services while helping to ensure fair and accountable
business practices is key to Peoples Payment Solutions. For
more information visit www.peoplespayments.com.
____________________________
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i
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Aite Group
disbursements research, Q4 2017
|
ii
|
Aite Group survey of
2,379 North American consumer, Q4 2017
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iii
|
Aite Group survey of
154 North American merchants, Q4 2017
|
SOURCE VISA Canada Corporation