Visa is enhancing its Visa Direct service to enable rapid transfers, making funds available in US bank accounts within one minute starting in April 2025.
Visa Direct, a service that facilitates real-time money transfers across various platforms, will enhance its capabilities to speed up the availability of funds in bank accounts.
Starting April 2025, consumers, businesses and governments will be able to use Visa Direct to swiftly deposit funds into accounts linked to eligible debit cards. This upgrade will significantly reduce wait times for transactions such as bill splitting, account transfers, insurance payouts, and accessing earned wages, ensuring availability in under one minute.
Additionally, Visa Direct supports immediate fund transfers to a broad network, reaching 99 per cent of US bank accounts and connecting to over 11 billion endpoints globally, including cards, accounts and digital wallets.
Faster funds
“Today, Visa Direct processes billions of real-time transactions in the US, across 50+ use cases, making it a preferred choice for consumers when receiving money from businesses or moving money between their accounts,” said Jim Filice, VP, head of real-time payments, Visa Direct. “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 update aims to improve the cardholder’s experience and potentially create new opportunities for businesses and governments. Faster funds availability may help organisations increase operational efficiency and potentially improve customer interactions.
The quicker processing could benefit a variety of sectors by speeding up transactions such as government benefit disbursements, healthcare payments, and service industry tips, suggesting that Visa Direct might allow businesses and governments to manage real-time transactions more effectively
“Faster payments are crucial for the modern economy, and this move by Visa is a significant step forward,” said Reed Luhtanen, executive director and CEO, US Faster Payments Council (FPC). “Upgrading the U.S. payment system is essential for secure, near-immediate funds availability. The FPC promotes diverse perspectives and collaboration to address barriers to faster payments. Visa’s initiative sets an exemplary model for financial institutions to meet the demands for speed and efficiency.”
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