Visa Direct enhances money transfer

After a new deal Visa Direct customers will be able to send money not just to Visa cards but also to bank accounts around the world.

08:03 10 June 2004

After a new deal Visa Direct customers will be able to send money not just to Visa cards but also to bank accounts in any of the Eurogiro member countries.

Visa EU announced a partnership agreement with Eurogiro, ensuring the extension of the Visa Direct money transfer service.

The vice president at Visa EU, Jim Self, said: "We are delighted to enter in to partnership with Eurogiro - it means that Visa Direct customers can send money to those who don't even have a Visa card. "

It is hoped Eurogiro, a leading cross border payment provider, will help to extend the Visa person-to-person service to the Eurogiro Members globally.

Unlike traditional bank transfers there are no paper forms to fill in and users can initiate a transaction twenty-four hours a day.

To transfer money, all the sender needs is the email address or account number of the recipient and Visa Direct will do the rest.

There is no holding account; instead payments are 'passed through' straight to the recipient's Visa or current account.

Visa Direct uses existing Visa connections, systems and account numbers so there is no need for banks to develop additional software. Visa Direct simply plugs into existing systems and uses the globally recognised Visa account numbers to provide a complete end-to-end package.