Aiming to disrupt the process of making payments across Europe, Visa has launched a new platform called Visa Direct, and it is set to enable the real-time execution of transactions.
Visa is targeting business to business, business to consumer, and person-to-person payments while placing a focus on security and efficiency.
Complex business initiated payments processes such as payouts of insurance claims are set to be powered by the new platform, and Visa is working with payments giant Worldpay to bring these capabilities to merchants. This joint operation is planned to begin in early 2018.
Mike Lemberger, Senior Vice President of Product Solutions, Visa in Europe, said: “For decades, Visa has led the way in transforming the way we pay in stores and online. Now, we have an opportunity to transform how consumers and business pay each other in a fast, convenient and secure way… Visa Direct is a proven platform that enables technology companies, businesses and financial institutions to meet the demand for real-time payments, backed by the ubiquity, cost-efficiency and speed of Visa’s global network.”
The new platform is intended to form a connection to 44 million retail locations worldwide, and the expansive and increasing reach of Worldpay will only enhance the uptake of the new Visa platform
Dave Glaser, Chief Product Officer, Global eCom at Worldpay said: “In recent years, the payments landscape has changed dramatically with clients and consumers alike expecting to be able to make a payment under their own terms – whether that is making a real-time payment or using a specific method.”
Worldpay was recently acquired by leading U.S. payments provider, Vantiv, for £9.3 billion. Conditions of the move mean that Worldpay will retain its UK headquarters, with the company commanding 40 per cent of all UK transactions.
“We are proud to be working with Visa on this unrivalled platform as an early adopter in Europe and other global markets and believe that Visa Direct is an important step in meeting those needs – providing both acquirers and merchants with the tools they need,” Glaser said.