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
LONDON--(BUSINESS WIRE)--Nov. 2, 2017--
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 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),
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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