Visa Extends Person-to-Person Money Transfer

Wednesday 9 June 2004 11:05 CET | News

Visa has partnered with Eurogiro, a leading cross border payment provider, to extend its Visa Direct service to the Eurogiro Members globally.

This will mean that Visa Direct customers will be able to send money not just to Visa cards but also to bank accounts in any of the Eurogiro member countries. Visa Direct was introduced to allow low-value cross-border transfers between individuals. This was in response to the regulations introduced in July last year, whereby cross border transfers in euros within the EU should not be priced differently from domestic transfers. Now, Visa Members can offer a convenient, end-to-end service to their customers allowing transfers to Visa accounts and to bank account holders across Europe and beyond. It is a powerful combination of Visas unrivalled global acceptance with Eurogiros payment network, extending the reach of Visa Direct even more. Unlike many traditional bank transfers there are no manual forms to fill in and users can initiate a transaction at any time of the day and night. To transfer money, all the sender needs is the email address or account number of the recipient and Visa Direct will do the rest. There is no holding account; instead payments are passed through straight to the recipients Visa or current account. Visa Direct uses existing Visa connections, systems and account numbers so there is no need for banks to develop additional software. Visa Direct simply plugs into existing systems and uses the globally recognised Visa account numbers to provide a complete end-to-end package. As Visa Direct operates across the existing Visa infrastructure it is straightforward and cost-effective for banks to implement. It also provides banks with a ready-made means of complying with the cross-border transfer regulations. Eight banks have committed to launch Visa Direct enabling their customers to initiate transactions. These include Carta Si in Italy, BBVA in Spain and Corner Banca in Switzerland. Visa Direct has an extensive fraud and anti-money laundering capability built in to the system to comply with EU and domestic money laundering regulations.

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Categories: Payments & Commerce | Payments General
Countries: World
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