Visa signed a strategic agreement with MoneyGram to expand the use of merchant platform Visa Direct to include international remittances from the US.
Visa Direct is the transaction processor’s real time payments platform primarily marketed at consumer-facing businesses. It is able to process secure transactions from companies to individuals, typical use cases include insurance payments and payouts from gaming websites.
The platform can also be used to provide person-to-person transactions, usually in association with a third party, such as a remittance company.
In a statement, Visa and MoneyGram said the tie-up would streamline the process of sending money internationally – providing “confidence, transparency and security”.
At launch, US customers will be able to send funds to Mexico and the Philippines, with a greater number of destinations set to be added at a later date.
The cross-border version of Visa Direct is already available in Europe following a deal with WorldPay in 2017.