Visa and Western Union announced a cross-border payments alliance, which will allow consumers and businesses to make faster payments through the Visa Direct push payments platform between hundreds of international markets.
Once the platform goes live, Western Union will be able to offer customers a more direct and transparent money transfer experience that will load funds directly onto payment cards, according to a release from the companies.
“Western Union has the largest money transfer retail network and this agreement represents a key milestone for our account payout network, combining the best of Visa and Western Union’s cross-border capabilities to enable a world-class payments platform,” Jean Claude Farah, executive vice president, Western Union, said in a company release.
“Together Visa Direct and Western Union are collaborating with plans to scale real-time cross-border payments to businesses and consumers in more than 200 countries and territories in more than 130 currencies,” Bill Sheley, global head of push payments at Visa, said in the release.
The Visa Direct technology enables payments to be completed any time of day, seven days a week and funds are available within 30 minutes, according to information on the Visa Direct site. The system supports P2P funds transfers, cross-border payments, bill payments and business disbursements, like employee payroll, contractor and vendor payments, insurance payouts, loans and other corporate payments.