TORONTO, July 30, 2020 /CNW/ – Today, Visa announced a new offering with Moneris Solutions Corporation (“Moneris”), a leading Canadian payment processor, to expand its Real-time1 Funds disbursement reach in Canada. The Real-time Funds solution from Moneris, powered by Visa Direct, Visa’s real-time push payments platform, helps Canadians receive fast, simple and secure disbursements directly into their bank accounts2. With Visa Direct, which has processed 2 billion transactions3 in the past year, Visa is working with payment participants around the world to bring speed and transparency to the process of sending and receiving funds.
Moneris’ payment solutions already serve 350,000 merchant locations across Canada, from large national retailers to small businesses, and the funds disbursements opportunity to small businesses and consumers in Canada represent approximately $1.4 CAD trillion4. Canadian consumers want fast access to their funds, with 62 percent saying they would be likely to opt in for a real-time payment method if it were available5. For small businesses, the ability to manage cash flow is critical to their growth and success, and 85 per cent would likely switch to a merchant acquirer who offered a real-time payment solution6.
In times like these, where the impact of COVID-19 continues to affect all aspects of daily life and business, quick access to funds is especially critical. “We’re pleased to work with Moneris to help bring efficiencies to the process of sending and receiving money, and provide a smoother experience for individuals, families and businesses,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “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.”
“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,” said Patrick Diab, Chief Product Officer, Moneris. “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 is offering the Real-time Funds solution to businesses in a variety of industries, including insurance, gig economy, prepaid cards and lending. Moneris’ Real-time Funds joins a growing list of innovative companies and collaborations across Canada using Visa Direct. For more information about Visa Direct, visit Visa.com/VisaDirect.