Sunday, August 18, 2019
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Visa Partners With Remitly to Offer Instant Global P2P Transfers

Visa has announced that it will power real-time P2P transfers for the global remittance firm, Remitly, via its Visa Direct platform. Remitly users in the United States can now send funds to eligible Visa debit cardholders across the globe, including Ghana, and these funds would be settled directly into their bank account.

 
Visa Direct is the Card Scheme’s instant push payments platform and it powers other services such as Visa-on-mobile.
 
Ghana recorded about $3 billion dollars in remittances transferred into the country in 2018, and $2.2 billion the previous year (PeaceFMOnline.com). However, a recently released World Bank report shows that the growth of these volumes is hampered by the cost of sending remittances to Sub-Saharan Africa, which continues to be far higher than any other region in the world.
 
 

The pair-up, according to Remitly, will simplify the complexity of moving money across borders and eliminate the delays in getting money to receivers. Remitly noted in a release that it intends to use Visa Direct to “unlock more choices for its customers to send cross-border payments in real-time.”

 

“Our highest priority is to create the best possible money transfer experience for immigrant communities and their families around the world. Our customers have unique money transfer needs including a need for more choices in how they send and receive money,” said Matt Oppenheimer, Remitly CEO and co-founder. “This collaboration with Visa, the world’s leader in digital payments, helps us meet this need with instant scale, security and reach that will help us continue to improve our service.”


Remitly uses mobile technology, machine learning, and direct integrations with partner banks and cash pickup locations to calculate a specific date and time recipients expect their funds will arrive.
 

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