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RYVYL Inc., a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions announced a strategic partnership between its wholly-owned subsidiary in Europe, RYVYL EU, and Visa. With RYVYL EU being a fully licensed electronic money institute (EMI), this partnership will enable RYVYL EU’s customers to use Visa Direct, a state-of-the-art account-to-account transfer solution. This collaboration aims to revolutionize the way funds are transferred between accounts, providing fast, convenient, and secure transactions.
Through the partnership, RYVYL EU valued customers will soon have access to highly advanced and convenient payment services via Visa Direct. This innovative service allows for seamless and secure international transactions to authorized accounts in over 80 countries without the hassle of correspondent banks. This is particularly advantageous for customers in regions with low card usage but high bank account access, such as Asia Pacific and Latin America, as it provides a highly efficient and cost-effective solution for moving funds across borders. With Visa Direct, customers can receive funds in mere minutes, making it an ideal solution for today’s fast-paced world where people are always on the go.
“We are excited that RYVYL EU has been selected as Visa’s first partner in Bulgaria for its Visa Direct solution due to our long-standing relationship as a Principal member and our comprehensive range of payment solutions that align perfectly with Visa Direct – Account-to-Account Transfers. This partnership is also one of the first few in the Eastern Europe region,” said Fredi Nisan, RYVYL’s Chief Executive Officer and co-founder. “Facilitating transfers through Visa Direct gives RYVYL EU a competitive advantage over other financial institutions allowing the services that the RYVYL family of companies provide to keep pace in the rapidly evolving payments industry. It aligns with the RYVYL’s strategic objectives, which include potential revenue growth, industry leadership in the money movement sector, expansion into new markets and customer bases, and delivering a best-in-class user experience.”
“We are thrilled to announce the further expansion of our strategic partnership with RYVYL in the space of cross-border payments. RYVYL EU will enable Visa Direct Account capabilities for its clients to further optimize this business and introduce efficiencies such as cost optimisation, better exchange management and an improved value proposition for RYVYL’s clients. Visa Direct is Visa’s digital platform that allows organizations to move money directly to cards, bank accounts and wallets globally. It enables new efficiencies for financial institutions and platforms, allows to build real time payment experiences for domestic and international payments and covers funds delivery in more than 190 countries reaching around 7 billion endpoints worldwide, including more than 3.5 billion cards, over 2 billion accounts and 1.5 billion digital wallets“, said Sebastian Geldner, Head of Business Development CEE at Visa.
The RYVYL EU and Visa partnership is part of RYVYL’s business transformation of updating payments infrastructure to provide superior banking as a service (BaaS), offering better technology to its customers, retaining their loyalty, and creating new revenue streams. By offering payment services across different business lines and payment instruments, RYVYL EU aims to expand its offerings and remain at the forefront of the payments industry.
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Source globalfintechseries.com
