SAN FRANCISCO—Visa has confirmed that it will expand its cross-border payments services in Canada.
The card company will work alongside two other organizations, Simplii Financial and CIBC, to allow consumer and business clients to move their money with increased ease.
The two partner organizations will make the most of the Visa Direct Payouts service to help enable international payments, according to FXcompared. It will mean that clients of the two partner organizations will be able to transfer cash to more than five billion bank cards and accounts, FXcompared said, adding it is believed that these moves will happen in real time.
In a statement, a senior figure at Visa Canada said that the move was coming against a backdrop of enhanced interest in digital commerce.
‘Increased Need’
Jim Filice, who is vice president and head of New Payments at Visa Canada, told FXcompared it was widely recognized that there was more need for money movement services to be modernized as time goes on.
“As digital commerce continues to accelerate, there is an increased need for modernization of global money movement to help businesses and individuals simplify the ways they send and receive money across borders,” he told the publication.