Digital platform Crowded deploys Visa Direct for international money transfers

Crowded has partnered with Visa to enable in-app global money transfers powered by payments solution firm and Cross River Bank as technology infrastructure providers.

Founded in 2021 and based in Boca Raton, USA, Crowded operates a digital banking platform which services nonprofits and membership organisations with bank accounts and other financial management tools for fundraising, expense tracking, payment collection and donations.

The start-up is to leverage its partner’s payment solution, Visa Direct, as a means to enable users to transfer funds to any eligible Visa debit, credit or prepaid card accounts globally.

The capability arrives in tandem with the launch of its new B2C product with “summer camp international staff as the primary beneficiaries”, with B2B transactions set to commence this September.

The development is intended to eradicate the need for users to establish an international bank account when travelling abroad, instead using Visa Direct to transfer funds through to their bank accounts at home.

“Our main goal for partnering with Visa, and Cross River for Visa Direct is to cut out the high fees and long turnaround times associated with international transfers,” explains Daniel Grunstein, co-founder and CEO of Crowded.

“We want to make it as accessible as possible for nonprofits to accomplish their good work, regardless of whether its international or not.”