Remitly, a US-based digital remittance company, has entered into a partnership with Visa, with an aim to improve cross-border money transfer service.
The partnership will work on further modernization of the sending and receiving of funds globally with the addition of a fast, secure and transparent channel to the Remitly digital money transfer platform via Visa’s real-time push payments platform, Visa Direct.
The partners by working together are looking to offer the ability to transfer funds from the US to eligible Visa debit cards across borders. The collaboration also aims to expand access to other sending markets across the world.
According to Remitly, money transfer across borders is prone to delays across operations, processing, and funding, which can significantly affect the recipient.
The digital remittance company will use Visa Direct to offer more choices for its customers to make cross-border payments in real-time to eligible Visa debit cards in various countries.
Visa, Visa Direct global head Bill Sheley said: “Our new relationship with Remitly underscores Visa Direct’s ability and commitment in enabling the freedom to securely send money around the world.
“This collaboration extends Visa’s ability to deliver faster payments to customers, regardless of borders or location.”
Remitly, in order to calculate a particular date and time at which recipients can expect their money to come, uses mobile technology, machine learning, and direct integrations with partner banks and cash pickup locations. The company’s technology is powered by big data.
Remitly CEO and co-founder Matt Oppenheimer said: “Our highest priority is to create the best possible money transfer experience for immigrant communities and their families around the world. Our customers have unique money transfer needs including a need for more choices in how they send and receive money.
“This collaboration with Visa, the world’s leader in digital payments, helps us meet this need with instant scale, security and reach that will help us continue to improve our service.”