Visa Direct to Deliver Faster Bank Transfers in Under a Minute

Visa Direct is set to revolutionize bank transfers in the United States by offering near-instantaneous fund transfers starting next April, according to Finextra. The payment giant’s real-time money movement platform will allow consumers, businesses, and governments to deposit funds into bank accounts linked to eligible debit cards in under 60 seconds.

Currently, Visa Direct connects to 99% of bank accounts in the U.S. and reaches over 11 billion endpoints worldwide, including cards, accounts, and digital wallets. This extensive reach promises significant improvements for a variety of scenarios such as splitting bills, moving money between accounts, receiving insurance payouts, and accessing earned wages.

Beyond personal finance, the upgrade could streamline operations in sectors like government disbursements, healthcare payments, and service industry tipping systems. The real-time capabilities aim to help businesses and governments operate with increased efficiency and agility.

Jim Filice, Vice President and Head of Real-Time Payments at Visa Direct, commented: «At Visa, we are constantly striving to innovate and provide the best possible money movement experiences, and this update will significantly enhance the speed and convenience, while maintaining strong security standards.»

This advancement represents Visa’s ongoing commitment to improving financial systems and catering to the evolving demands of its global customer base.