Visa partners with CIBC and Simplii Financial

Wednesday 10 January 2024 09:38 CET | News

Visa has partnered with Canada-based CIBC and Simplii Financial to add more digital wallets and enable the banks’ clients to send funds across borders more conveniently.


Due to the money movement capabilities of Visa Direct, CIBC and Simplii clients will be able to send money to a new array of digital wallets in key remittance destinations including the Philippines, China, Bangladesh, and Kenya, where they are the primary method for people to pay and get paid alike. 

Per the press release, Visa Direct helps clients better their cross-border money movement offerings with near-real-time remittance to digital wallets, bank accounts, and cards, and the new capability is set to be made available early in 2024.

Digital wallets and Visa – CIBC and Simplii Financial partnership details

Digital wallets are among the fastest-growing financial instruments worldwide, with global numbers projected to cross 5.2 billion by 2026, driven by quickly changing consumer demands. Additionally, digital wallets serve as a valuable gateway to the financial system, especially when talking about unbanked individuals in emerging markets

The announcement builds on the companies’ prior collaboration that allows CIBC and Simplii clients to leverage Visa Direct-enabled cross-border person-to-person (P2P) and business-to-consumer (B2C) payouts through CIBC's and Simplii's Global Money Transfer service.

Visa partners with CIBC and Simplii Financial

When commenting on the partnership, Visa officials advised that Visa Direct enables consumers and businesses to send money cross-border easily, and the company is looking forward to collaborating with CIBC and Simplii to provide their customers with more remittance options. Together, the companies seek to break down the barriers of cross-border money movement to better speed, transparency, and accessibility for the sender and receiver alike.

The press release highlights that despite the recent, swift global shift to digital platforms, cross-border money movement channels remain fragmented. Recent findings from Visa’s 'Money Travels: 2023 Digital Remittances Adoption' study suggest that consumers anticipate a future driven by digital tech in this area, with Canada ranking among the top ‘sender’ nations, sending the highest money amounts to recipients in foreign countries. About 60% to 70% of Canada-based remittance users and the US have leveraged an app-based digital payment method for international money transfers.

What is more, Simplii Financial research showcased that three-quarters (75%) of respondents send money overseas at least once a month; almost eight in ten (79%) are on the lookout for a more convenient way to send money to family and friends outside of Canada, and half spend more than USD 100 annually on transfer fees.

Adding on the announcement, CIBC representatives advised that sending foreign currency comes as an important part of many Canadians’ daily banking needs, and cooperating with Visa is set to enable the enterprise to further build its no-transfer-fee cross-border payments platform that is available with the rest of their banking services.

Per the press release, Visa Direct offers access to almost 8.5 billion endpoints, including 3+ billion accounts, 3+ billion cards, and 2.5+ billion digital wallets, helping transform global money movement by facilitating funds’ delivery to eligible wallets, bank accounts, and cards worldwide.

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Keywords: partnership, paytech, payments , cross-border payments, money transfer, remittances, digital wallet, P2P, B2C, digital payments, fintech
Categories: Payments & Commerce
Companies: CIBC, Simplii Financial, Visa
Countries: Canada
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Payments & Commerce



Simplii Financial



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