By making this move, Visa Direct aims to benefit from access to Banking Circle’s extensive local clearing rails worldwide, which will further strengthen the business’s payment reach for its customers.
As a digital payment network, Visa Direct connects cards, currencies, and markets across the globe. The collaboration will enable the company to utilise Banking Circle’s single API technology to enter multiple direct and local clearing rails through a single and secure provider.
Furthermore, commenting on the news, representatives from Banking Circle underlined that the partnership with Visa Direct supports their company’s mission to scale efficiency and minimise costs associated with cross-border transactions. Additionally, joining forces with Visa Direct facilitates the growth of Banking Circle’s capabilities while also highlighting the proficiencies of its single API. By working with its collaborators, the payments bank seeks to support international businesses with global scale access to multiple clearing rails via one partner.
Visa Direct’s officials added that, as their company positions itself as a facilitator of money movement advancement, the alliance with Banking Circle enables it to leverage its single API technology and provide an improved and optimal service for its customers. To further expand its footprint, Visa also recently started collaborating with USSC Money Services to launch Visa Direct in the Philippines and augment cross-border payments. By implementing Visa Direct, USSC Money Services’ business clients were set to be able to improve how they conduct cross-border outbound payments, in turn making them more efficient and convenient.
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