CIBC and Simplii Financial are leveraging Visa Direct Payouts to bring additional cross-border capabilities to their consumer and business clients
TORONTO, Dec. 13, 2021 /CNW/ - Visa Canada today announced a new offering with CIBC and Simplii Financial to help their consumer and commercial customers more easily move money. CIBC and Simplii Financial will leverage Visa Direct Payouts to enable cross-border person-to-person (P2P) and business-to-consumer (B2C) payouts as part of their Global Money Transfer service. CIBC and Simplii Financial's consumer and business clients can now send money to a combined total of over 5 billion cards and bank accounts with real-time1 capabilities, enabled by Visa Direct.
Visa Direct Payouts enables Visa's clients and partners to use a single point of connection to send payments to bank accounts through eligible Visa Debit cards, as well as eligible Visa credit cards for cross-border payments.
Canada is among the top 'sender' nations in the world – those with the highest amounts of money being sent to recipients in foreign countries – with more than US$6.5 billion in personal remittances sent around the globe in 20202. According to a recent Visa Canada survey, the majority of Canadians (58%) said international money transfer services need to be faster and more efficient, and more than two thirds (63%) felt more secure sending money digitally compared to traditional means of in-person cash transfers or by cheque. During the pandemic, the majority of Canadians (58%) found that the ability to easily send money abroad was more important than ever3.
"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," said Jim Filice, VP and Head of New Payments, Visa Canada. "We are excited to work with CIBC and Simplii Financial to help give their consumer and small business customers the ability to send money to over 5 billion card and bank accounts combined through a fast, secure and digital-first experience."
CIBC and Simplii Financial are Canada's first originators to utilize Visa Direct Payouts. And flexible APIs help reduce complexities often associated with managing and sending money across multiple networks and intermediaries worldwide. The solution provides operational simplicity to move money globally through a single connection to Visa, enabling financial institutions, fintechs, remittance providers and corporate banks to capture new payment flows for growth and value creation.
"At CIBC we want to make it easier, faster and affordable for our clients to send money abroad when they need to. The CIBC Global Money Transfer payment option through Visa Direct offers our clients greater flexibility to send funds to friends or family around the world," said Diane Ferri, Senior Vice President, Cards, at CIBC. "At Simplii Financial we're always seeking new ways to support our clients and offer meaningful solutions. With the Visa Direct payment option for Simplii Global Money Transfers, our clients will have greater choice and convenience when sending money overseas," said Vineet Malhotra, Head, Simplii Financial.
With Global Money Transfer, CIBC and Simplii Financial clients can send money with no transfer fee4 to more than 120 countries, using CIBC Online or Mobile Banking.
Global Money Transfer, first launched in 2015, is a cross-border money transfer service in Canada. It provides CIBC and Simplii Financial clients an easy, fast and affordable way to send money abroad with multiple innovative payment and receive methods including the option to fund transfers with eligible CIBC or Simplii Financial credit cards to earn rewards. Some of the features of Global Money Transfer service include:
- No transfer fee and service to over 120 countries
- Competitive exchange rates
- Online convenience, with the ability to send a GMT through the CIBC and Simplii Financial Mobile Banking® App or Online Banking®
- Fast transfers with Visa Direct Payouts and most direct-to-bank transfers received within one business day
- Exciting cash back and rate discount offers
Globally, Visa Direct supports real-time domestic and cross-border person-to-person (P2P), business-to-small business (B2SB) and business-to-consumer (B2C) use cases, such as insurance disbursements, marketplace seller payouts, and providing workers faster access to their earnings.
Visa Direct provides access to 5 billion cards and accounts combined across 200 geographies, supporting 160 currencies, and currently connecting to 16 card-based networks, 65 domestic Automated Clearing House (ACH) schemes, seven Real-Time Payment (RTP) networks and five payment gateways. For more information, please visit the Visa Direct Payouts page.
About Visa
Visa Inc. (NYSE: V) is a world leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca, visa.com/blog and @VisaCA.
About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
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1 Actual fund availability varies by receiving financial institution, receiving account type, region, and whether transaction is domestic or cross-border. |
2 World Bank Data (2020) https://data.worldbank.org/indicator/BM.TRF.PWKR.CD.DT |
3 Visa Canada Survey by Pollara Strategic Insights (national, 1510 adults) August 26th-27th, 2021 |
4 CIBC foreign exchange rates apply. A Global Money Transfer and a Foreign Exchange transaction counts towards your allowable transaction limit, bank account transaction fees may apply. The recipient bank may charge the recipient a transfer fee. Must have a CIBC chequing, savings, personal line of credit or eligible credit card account to send a CIBC Global Money Transfer. Most transfers are completed by the next business day. However, there are times when a transfer requires 2 to 3 business days to be completed. |
SOURCE Visa Canada
Melissa Vekil, Visa Canada, [email protected]
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