Remitly expands collaboration with Visa

US-based remittance processor Remitly has announced that it expanded its collaboration with Visa to simplify cross-border money movement for its customers

US-based remittance processor Remitly has announced that it expanded its collaboration with Visa to simplify cross-border money movement for its customers. As per the information detailed in the press release, the two companies extended their partnership for five years, aiming to improve global money movement and develop the company’s initial integration of Visa Direct.

Through their extended collaboration, Remitly and Visa enable the former’s customers in more than 15 countries, including the US, Canada, the UK, and Australia, to send money directly to their family or acquaintances’ Visa debit card and bank accounts in more than 100 jurisdictions globally. Moreover, customers can track their transfers directly through the Remitly app, receiving transparency over their transactions. Remitly – Visa partnership objective According to Remitly’s officials, the company’s main objective is to provide customers with a more simplified and trusted cross-border money transfer experience.

Remitly expanded its partnership with Visa to further improve its proprietary network, which currently includes approximately 4 billion bank accounts, 1.2 billion mobile wallets, and 460 thousand cash pickup locations. Remitly customers can securely send money overseas to eligible Visa debit cards and bank accounts by entering a recipient’s name and 16-digit Visa debit card number into the app. Representatives from Visa stated that currently there are millions of migrant workers relying on remittances to send financial support overseas, there is an increasing need to enhance digital payment experiences and solutions to help remove difficulties and barriers. With its extended collaboration with Remitly, Visa aims to improve cross-border money movement and help foster new opportunities for financial inclusion through payment capabilities provided through Visa Direct.

Remitly’s past developments and collaborations With its solutions, Remitly intends to support immigrants worldwide by providing them with financial tools and resources. Recently, the company entered multiple partnerships, including one with Mastercard in October 2023. Through their collaboration, the two companies aimed to expand access to cross-border payments and remittances to Remitly US-based clients.

To offer more options on how customers send and receive funds abroad to families, friends, and acquaintances, Remitly integrated Mastercard’s Send and Cross-Border Services, while also focusing on optimising transparency, convenience, and speed of delivering these funds using the company’s application. Moreover, at the end of August 2023, GLN International, a payment network, partnered with Remitly to launch instant cross-border remittances from abroad to all domestic bank accounts in Korea. By launching the service, GLN International intended to provide benefits to Korean residents, international students, and other remittance customers residing overseas. The collaboration with Remitly allowed GLN to disburse funds to the preferred domestic bank accounts of the recipients in Korea, leveraging its bank-level secure platform. In April 2023, Purpl, a Lebanon-based remittance and cash-out platform, joined forces with Remitly to allow remittances to Lebanon at a decreased cost.

By working together, the two companies aimed to support financial inclusion and democratisation of remittances to Lebanon, enabling customers to send remittances to beneficiaries in the region who can cash out or spend the funds digitally via Purpl. .

Nov 21, 2023 10:30
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