Visa acquires Earthport


May 13, 2019 | By RetailME Bureau

Visa Inc has acquired control of Earthport (AIM: EPO), a company that provides cross-border payment services to banks.  It also facilitates money transfer service providers and businesses via the world’s largest independent ACH network.

Currently, Visa enables payments to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilise Visa to send or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach most of the world’s banked population and allow them to easily, quickly and securely move money worldwide.

Nearly $80 trillion of money is sent via a wire transfer or bank account globally today, but the process is more difficult and more complicated than it should be. Payment can take days to arrive because of outdated, inefficient and costly methods.

This transaction can solve for many use cases including payroll and international person-to-person and business-to-business remittances. Take the example of a global marketplace that employs contractors globally who must get paid in their local currencies. Today, that company may be paying its workforce using inefficient, expensive wire transfers that can take days to arrive. With the combined capabilities of Visa and Earthport, Visa can be the single network for these payments, helping to pay contractors and employees around the world, quickly and safely.

“Visa is modernising the way we move money.  By making it quicker, safer and easier to pay and be paid than ever before,” said Bill Sheley, head of global push payments, Visa. “The acquisition of Earthport unleashes the power of Visa by taking us ‘beyond the card,’ empowering us to enable our clients to make payments through bank accounts around the world.”

Earthport’s technology will allow Visa to expand further and scale Visa Direct’s rapidly growing portfolio of use cases. These will include funds disbursements, peer-to-peer payments, cross border payments, marketplace payouts, and bill payments. Over the last 12 months, Visa Direct’s transaction count growth has continued to be over 100% – showing the demand for faster, smarter money movement among consumers and businesses around the world.

 

 

 

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE-based Etisalat Group has signed an agreement with elGrocer, a leading online 

Continue Reading

November 18, 2021 | By RetailME Bureau

Amazon.ae announced that the 11.11 sale is back once again this year 

Continue Reading

November 8, 2021 | By RetailME Bureau

Abu Dhabi Cooperative Society’s COOP City store is now open in Lake 

Continue Reading

November 3, 2021 | By RetailME Bureau

Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau




Download Images RetailME Magazine