Rethinking borders: Visa Direct
There has been much discussion recently of how Visa is targeting the cross-border payments space. Over the last four years, the card issuer giant has acquired payment fintechs YellowPepper and Currencycloud and established Visa B2B Connect. In October, these three brands were brought together under Visa Direct, the company’s domestic and cross-border payment network. The company’s FY2024 results report, issued at the end of October, shows a 15% increase in cross-border volumes compared to last year.
With recent partnerships with key industry players like Western Union, Paysafe and Brightwell, Visa Direct is gaining momentum
Visa Direct complements other payment rails, with different requirements and reach but with an extended and vast network of cardholders, observes Frédéric Viard, principal product manager & senior market development manager, financial messaging at Bottomline.
According to Francisco Morandeira, client solutions director at GFT, the flexibility of Visa Direct is particularly beneficial for high-risk merchants, who can use push-to-card settlement to send payments, issue refunds or reverse transactions more efficiently.
“With recent partnerships with key industry players like Western Union, Paysafe and Brightwell, Visa Direct is gaining momentum,” he says.
