Visa announced that it has partnered with FIS and Jack Henry & Associates (JHA) to leverage its card-based payment platform Visa Direct for person-to-person (P2P) payments.
The company has also teamed up with Stripe, Hyperwallet and Ingo Money for speedy business and government disbursements.
Visa Direct can send funds in real-time to over 200 million Visa debit cards in the US, as well as non-Visa branded debit cards. The platform transfers funds into the customer’s bank account without requiring any current account and routing numbers.
FIS has integrated Visa Direct into its P2P payments service for financial institutions known as People Pay. It will allow banks to use their existing integration with FIS to easily use the card-based feature for their customers in online and mobile banking.
JHA has joined hands with Visa to provide faster P2P payments to a recipient’s Visa debit card. Visa Direct integration with JHA Payment Solutions will allow recipients to receive funds on the same day or one day sooner.
Stripe’s new Instant Payouts feature is also using Visa Direct to enable drivers, couriers and other sellers in online marketplaces to get paid instantly.
Visa head of global push payments Bill Sheley said: “Visa Direct has experienced incredible growth in the US in 2016.
“In the personal payments and business disbursements space, where cash and checks still prevail, it is very exciting to join forces with our partners to help digitize these services for faster and more secure payments.
“In today’s new economy, we look forward to helping businesses and consumers send and receive funds in a more efficient and effective way.”