VoPay Leverages Visa Direct to Support Digital Transformation Acceleration
TORONTO–(BUSINESS WIRE)–#digitalpayments–VoPay, a leader in payment technology innovation, today announced that it is working with Visa to integrate Visa Direct, Visa’s real-time1 push payments platform, to power their new solution called VoPay Instant. Enabled by Visa Direct and made available through VoPay’s financial institution partner, the VoPay Instant solution will help Canadians receive fast, simple and secure disbursements directly into their bank accounts.
In the current circumstances, businesses are more reliant than ever on digital technologies that help reduce face-to-face interaction and safeguard customer and service provider’s health and well-being. These technologies include B2B e-commerce, lending platforms, digital identity, and online payment solutions. It is clear that businesses must harness digital technology to supplement and further strengthen their relationships with their customers. In order to create an efficient, effective, and sustainable business, it is imperative that digital solutions unite the front, middle and back offices, and align around the customer.
Payments are the main component of this digital transformation and the demand for immediate access to funds is driving businesses to meet customer needs, as a necessity for business continuity.
COVID-19 has fundamentally changed our understanding of “business as usual”, and exposed the need for real-time payments and access to funds for both businesses and individuals, for businesses continuity and the basic necessities of everyday living. That includes gig workers such as rideshare drivers getting money into their bank account as soon as a trip is complete, the ability for workers to access their funds after every shift through pay-on-demand payroll services, to the immediate delivery of emergency loans 24-hours-a-day.
VoPay Instant addresses these needs by enabling real-time payout experiences with the scale and security of the Visa network. VoPay Instant is an ideal solution for businesses for fast delivery of funds, and provides a seamless and transparent experience for their customers.
VoPay’s technology offers a frictionless payments solution that helps businesses meet today’s demand for real-time payments and operate at scale.
“Visa and VoPay share a common goal of providing customers with a fast and reliable way to pay and be paid,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “Through Visa Direct, which has processed over 2 billion annual transactions2, we are able to offer choice, flexibility and peace of mind to VoPay’s customers, knowing that each transaction is backed by the security, reach and capability of Visa’s global payments network.”
“By leveraging Visa-enabled Visa Direct, VoPay is able to deliver a powerful payment technology through a single connection point that quickly connects businesses to global banking and payment networks,” said Hamed Arbabi, CEO and Founder, VoPay. “Visa Direct empowers our payments API to offer fast vendor payouts and accounts payables capabilities when the need for real-time funds has never been greater.”
VoPay’s solution joins a growing list of innovative companies and collaborations across Canada using Visa Direct. For more information about Visa Direct, visit Visa.com/VisaDirect.
About VoPay
VoPay is a leader in payment innovation offering a single API that instantly connects businesses to global banking and payment networks with speed and transparency. The company has one goal: to eliminate all payment inefficiencies, so businesses can focus on what they do best in today’s fast-paced digital economy. For more information, visit vopay.com.
1 Actual fund availability depends on receiving financial institution and region. Visa requires enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.
2 https://s1.q4cdn.com/050606653/files/doc_downloads/2020/02/CORRECTED-TRANSCRIPT-Visa-Inc.(V-US)-Investor-Day-11-February-2020-11-00-AM-ET.pdf
Contacts
VoPay Media Contact:
Philipp Postrehovsky
[email protected]
