TransferWise latest to simplify international money transfers in Europe with Visa Direct.
Adding to its current ecosystem of remittance partners around the world, Visa today announced that TransferWise, a global technology company for international payments, will begin offering its customers an additional capability to quickly and securely move money to debit cards in real-time. The integrated service, initially available in Spain, is also planned to go live in Romania, Hungary, Czech Republic and Bulgaria. TransferWise gives customers a clear understanding of their fee structure upfront, providing transparency into the cost associated with sending and receiving money internationally. TransferWise plans to continue to collaborate with Visa and scale its offering using Visa Direct, throughout Europe and globally in 2020.
“Technology is bringing us closer together, yet there are still challenges that it hasn’t solved when it comes to individuals and small businesses moving money around the world,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa. “The TransferWise collaboration is the latest addition to Visa’s efforts to help our clients enable individuals and small businesses to send and receive international payments quickly and securely by utilizing the power of Visa Direct.”
Visa is working with financial institutions, technology partners and remittance leaders, including EMQ, MoneyGram, and Remitly, to bring Visa Direct functionality to market around the world – reaching accounts via push to card capabilities in over 200 countries – all via a single connection point.
“TransferWise is on a mission to move money around the world in a cost efficient, quick and transparent way,” said Kristo Käärmann, CEO and co-founder of TransferWise. “Integrating Visa Direct further eases the transfer process and brings us another step closer to achieving our mission.”
Visa recently acquired Earthport, one of the world’s largest independent ACH networks. The combined offering, which will bring together Visa’s existing capabilities and the Earthport network, will give Visa Direct clients the ability to push payments to the majority of the world’s banked population – through a single connection. This is a key element of Visa’s goal to being a single connection point – a network of networks – for thousands of financial institutions and billions of user endpoints around the world.
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. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device 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.
Source: Business Wire