Need to Know
- The Moneris partnership will allow Visa to expand its real-time Funds tool, which quickly processes payments to and from Canadian account-holders.
- The solution is powered by Visa Direct, Visa’s real-time push payments platform.
- Moneris already serves 350,000 merchants across Canada.
- Visa, Moneris hope to jointly bring efficiency to Canadians for whom quick funds transfers are increasingly vital due to COVID-19.
Visa and Moneris have teamed up in Canada to bring greater speed and efficiency of funds disbursements to Canadian customers, the two companies announced on Thursday.
With Moneris, Visa hopes to expand its capacity to quickly process disbursements directly into Canadian bank accounts, but Visa and Moneris recognize that, in the wake of COVID-19, fast, seamless transfers are more important than ever. Using Moneris’ payment solutions, Visa will “help bring efficiencies to the process of sending and receiving money, and provide a smoother experience for individuals, families and businesses,” said Brian Weiner, VP and head of product for Visa Canada.
The two companies will partner to bring customers the real-time funds solution from Moneris, powered by Visa Direct, which is Visa’s real-time push payments platform. Visa Direct has processed two billion transactions in the past year. “Through Visa Direct, Visa is empowering millions of Canadians to access their money where and when they want, which has become increasingly important during these unprecedented times,” said Weiner.
According to research from the Aite Group, cited in the Visa-Moneris partnership announcement, 85% of small businesses are likely to switch to a merchant acquirer with a real-time payment solution—like Real-time Funds. Canadian consumers, meanwhile also prioritize real-time payments, with 62% saying they would likely use a real-time payment method if it were available from their financial institution.
“We’re pleased to be able to work with Visa to help deliver this solution. Giving merchants the ability to refund and reimburse customers with real-time push-payments quickly, easily and securely offers a significant benefit to our merchants,” Patrick Diab, chief product officer for Moneris, said in a statement. “Removing the administrative burden of cheque issuance and making funds available to customers on cards that they already carry in their wallet can help drive more efficiencies for many of our merchant segments.”
Moneris has been working to improve its business- and consumer-facing products in the wake of COVID-19, with the Visa partnership being just the latest in a series of new innovations. In February, the company introduced Moneris Checkout, a new way for businesses to add payment acceptance to online stores, and in July, Moneris partnered with Bookmark Your Life Inc. in Canada to introduce Moneris Online, a new end-to-end e-commerce product. Visa, meanwhile, recently expanded its Click to Pay capacities, offering online shoppers a one-click option for making web purchases.