- Visa to work alongside TD Bank to deliver Visa Direct services, offering cheaper and faster money transfers
- Move comes after Visa partners with various other organisations in the sector, including TransferWise
- "At TD, we're focused on providing our customers with products and services that are easy to use and deliver value," said a spokesperson for the partner bank
Global financial services name Visa has announced a new partnership with a major North American bank.
TD Bank will work alongside Visa to improve access to speedy cross border payments services for Canadians who are looking to switch cash from accounts in the country to accounts over the border in the US.
It is part of the Visa Direct service, which is a push payments platform that can carry out remittance transactions in real time – offering efficiency savings for the end user.
According to Visa, it will offer customers “speed, convenience and transparency” when placing transactions which cross this key North American border.
Visa Direct has been in the online money transfer sector news a lot recently thanks to a series of key new partnerships with various organisations, such as with TransferWise.
But it is the partnership with TD Bank that will capture the attention of many – not least because of the frequency with which money is moved over the border between the US and Canada, two of the world’s most economically advanced countries.
It is believed that the time of year could also have an influence.
Around 1.5 million people from Canada are expected to travel abroad during the winter months, suggesting that demand for cross border payments could be high.
Commenting on the partnership with TD Bank partnership, Brian Weiner – who is the vice president and head of product at Visa Canada – said the firm was “pleased” about the development.
"At Visa, we want to empower Canadians to send, receive and access their money where they want, when they want, and how they want," he said.
"Visa Direct is providing Canadians more convenient ways to move their money, and we are pleased to be working with TD to expand this capability to Visa cardholders,” he added.
And for TD Bank, senior vice president for Everyday Banking Frank Psoras said that the partnership with Visa Direct would represent an “even easier way” for fund movements to happen.
"At TD, we're focused on providing our customers with products and services that are easy to use and deliver value," he said in a statement.
"Today, we're pleased to be offering an even easier way for our customers to move funds from their TD U.S. to Canadian bank accounts, demonstrating our commitment to omni-channel experiences that allow Canadians to bank in the ways that work best for them,” he added.
Developments like this one are happening all the time in the cross border payments sector. Don’t fall behind: learn more about the actions of firms like these and what they’re up to over at our magazine page.
