The Future of Disbursements is Direct. Visa Direct.
We live in a real-time world. From instant messaging to Amazon Dash, consumers have become increasingly impatient. Not surprisingly, this need for speed expands across multiple industries and segments, including the financial sector. And rightfully so. Imagine if your business could pay contractors or suppliers immediately upon completion of a task or job, or a nonprofit agency could instantly distribute charitable donations to those in need? Fast funds distribution matters in many situations—sometimes it can even be the difference between life and death.
Visa Direct: When Speed Matters
Improving real-time payment technology is something that our friends over at Visa take very seriously. So seriously that they unveiled their new Visa Direct platform, a real-time1 payments system backed by one of the world’s largest electronic payment networks. Visa Direct makes it easy for businesses to not just receive, but also send funds in real-time.
Real-time is now a reality.Fast funds distribution can sometimes be the difference between life and death. Click To Tweet
The foundation of Hyperwallet’s new Transfer to Debit Card payout method, Visa Direct makes it easy for our corporate clients to offer real-time, direct-to-card payout functionality to payee’s registered on their platforms. Hyperwallet works with the Visa Developer Platform to use APIs that leverage Visa Direct technology to enable fast funds transfers, payment account validation and reporting. Forget about routing and bank account numbers; with the Visa Direct technology, all that’s needed from the payee is the 16-digit number on the front of their eligible US debit card. And the best part? Transactions are processed in real-time, which ensures that funds are delivered safely and securely to the payee as quickly as possible.
Putting Fast Funds Distribution to Good Use
Hyperwallet prides itself on offering our clients the most innovative and cutting-edge payout capabilities. It’s why we were early adopters of the Visa Direct technology. That being said, we understand that our technology can do more than power commercial opportunities—it can also have a big impact on charitable giving.Visa Direct makes it easy for businesses to not just receive, but also send funds in real-time. Click To Tweet
That’s why we partnered with Visa to host the Hyperwallet Hackathon, a one-day coding event in Austin, Texas. The Hyperwallet Hackathon invited developers to build the framework for a better charitable funds distribution solution in the US. Using integrations and APIs from our developer sandbox, hackers had the opportunity to put emerging payout technologies like Visa Direct to work for the greater good. (Not to mention the opportunity to win a $2,500 grand prize from the folks at Visa.) You can read our press release with the list of winners from the event here.
When it comes to the future of disbursements—be it for online marketplaces, sharing economy platforms, or charitable organizations—it’s not enough to just be fast. Fintech companies will need to think like Visa and be direct.
1Actual fund availability varies by financial institution. Visa requires U.S. issuers to make funds available to its cardholders within a maximum of 30 minutes of approving the transaction.