SAN FRANCISCO-- March 31, 2021 -- Visa (NYSE:V) today announced the expansion of Visa Direct, a real-time[1] push payments platform, with the introduction of Visa Direct Payouts. The new solution allows Visa’s clients and partners around the world to use a single point of connection to push payments to eligible cards for domestic payouts, and eligible cards and/or accounts for cross-border payments.

“As digital commerce accelerates, Visa is innovating to give financial institutions, governments, individuals and businesses new ways to pay and get paid beyond the card,” said Bill Sheley, SVP, Global Head, Visa Direct, Visa. “The launch of Visa Direct Payouts marks an important milestone in Visa’s expansion of its account-to-account capabilities to now reach an additional 2 billion bank accounts around the world. Backed by the operating scale and performance of VisaNet, the solution integrates Visa’s acquisition of Earthport to transform how Visa’s clients deploy and optimize global money movement programs.”

Flexible Visa Direct Payouts APIs reduce complexities often associated with managing and sending money across multiple networks and intermediaries worldwide. The solution provides operational simplicity to move money globally through a single connection to VisaNet, enabling financial institutions, fintechs, remittance providers and corporate banks to capture new payment flows for growth and value creation. Visa Direct Payouts supports real-time[2] domestic and cross-border person-to-person (P2P), business-to-small business (B2SB) and business-to-consumer (B2C) use cases, such as insurance disbursements, marketplace seller payouts, providing workers faster access to their earnings, as well as remittances.

Visa’s clients and partners around the world are launching new money-movement programs enabled by Visa Direct Payouts.

· Standard Chartered Bank (Hong Kong) Limited is enhancing its digital International Transfer services for its retail banking customers
· MoneyGram is launching an enhanced money-movement optionality for its customers who are sending and receiving money to
 loved ones across borders
· KyckGlobal, a Visa fintech partner, enables a variety of B2SB and B2C use cases through its payments engine, including insurance
 claims payouts, fast funds settlement for SMB marketplaces and quick access to earned wages for independent contractors and
 hourly workers

Visa Direct Payouts Client and Partner Quotes

“With 152% year-over-year cross-border digital transactions growth for MoneyGram Online in 2020 and an impressive 650% transaction growth for Visa Direct in the fourth quarter[3], consumer demand for our digital P2P payment capabilities continues to skyrocket,“ said Alex Holmes, MoneyGram Chairman and CEO. “Our continued expansion with Visa Direct is an important component of our customer-centric strategy to provide a streamlined, frictionless customer journey and real-time transfer capabilities to millions across the globe who rely on our essential service.”

“Our clients work with a diverse set of payees, including contractors and gig economy workers, each with different payment needs, such as a commission payment, expense reimbursement or insurance claim payout,” said Ashish Bahl, KyckGlobal CEO and Founder. “With Visa Direct, we are able to ensure our customers’ clients are paid quickly and securely wherever they access funds, which is more important than ever in today’s economic environment.”

With the addition of Visa Direct Payouts, Visa Direct now provides multi-rail access to 5 billion cards and accounts combined across more than 200 geographies, supporting 160 currencies, connecting to 16 card-based networks[4], 65 domestic Automated Clearing House (ACH) schemes, seven Real-Time Payment (RTP) networks and five payment gateways. For Visa Direct transactions, Visa offers value-added services, including security and tokenization, bringing peace of mind for SMBs and consumers as they pay and get paid, and move money internationally.

For more information and to connect with our team, please visit the Visa Direct Payouts page (https://vi.sa/31vlATk).