ACE Money Transfer has partnered with Visa to support Account Funding Transactions for card-funded international transfers.
The companies said the initiative is intended to support faster processing and a more secure and efficient transfer experience for customers sending money internationally.
According to the official press release, the collaboration centres on strengthening the infrastructure that supports card-funded transactions on ACE Money Transfer's platform. AFTs are used within card payment networks to move funds from a sender's card into a payment service provider's system, forming part of the process for cross-border money transfers funded by debit or credit cards.
Rehan Ashraf, Head of Payments and Banking Infrastructure at ACE Money Transfer, said the AFT capability strengthens the infrastructure underpinning card-funded transfers on the company's platform, adding that the work with Visa is intended to support the corridors the company serves.
Olga Ovchinnikova, VP Head of Visa Direct Europe, said the collaboration forms part of Visa's broader work through Visa Direct, its platform for direct-to-account payment capabilities, and that the aim is to support secure and reliable money movement for customers.
Market context
Demand for digital cross-border payment services has continued to grow, driven in part by migrant populations relying on remittance corridors to send money to family members abroad. Payment networks such as Visa have expanded their direct-to-account infrastructure in recent years to support money transfer operators, banks, and payment service providers in processing card-funded and account-funded transactions across borders.
Moreover, for remittance providers, access to card network infrastructure such as AFTs can affect transaction processing times and the reliability of fund collection at the point of send, particularly for corridors where card funding is a common method for initiating transfers.
The companies said the collaboration reflects a shared focus on the adoption of digital payment methods for international money movement. No financial terms of the collaboration, specific corridors affected, or implementation timeline were disclosed in the announcement.
The partnership adds to Visa Direct's existing network of remittance and payment service provider relationships, while giving ACE Money Transfer additional infrastructure support as it continues to process card-funded transfers across its international corridors.
