Starting next April, Visa Direct will enable funds transferred to U.S. bank accounts to be available in under a minute. This enhanced version of their real-time money movement platform will allow consumers, businesses, and governments to deposit funds into bank accounts associated with eligible debit cards in less than 60 seconds.
Visa Direct currently reaches 99% of U.S. bank accounts and connects to over 11 billion endpoints, including cards, accounts, and digital wallets globally. The service supports various use cases, such as splitting bills with friends, moving money between accounts, receiving insurance claim payouts, and accessing earned wages.
This improvement is expected to have significant implications for the disbursement of government benefits, processing healthcare payments, and managing tips in the service industry, facilitating more efficient real-time operations for businesses and governmental entities.
Jim Filice, VP and head of real-time payments at Visa Direct, stated, “At Visa, we are constantly striving to innovate and provide the best possible money movement experiences. This update will significantly enhance the speed and convenience while maintaining strong security standards.”