Visa makes expansion move in Canada with partner organisations

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Visa, which is a household name in the financial services sector, has confirmed that it will partner with two other firms to enhance cross-border payments services in Canada.
  • These firms are Simplii Financial and CIBC, and the new arrangement will be targeted at both consumer and business clients.
  • “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 a spokesperson for CIBC.

Global financial sector household name Visa has confirmed that it will expand its cross-border payments services in Canada.

It will work alongside two other organisations, Simplii Financial and CIBC, to allow consumer and business clients to move their money with increased ease.

The two partner organisations will make the most of the Visa Direct Payouts service to help enable international payments.

It will mean that clients of the two partner organisations will be able to transfer cash to more than five billion bank cards and accounts.

It is believed that these moves will happen in real time, according to press reports.

In a statement, a senior figure at Visa Canada said that the move was coming against a backdrop of enhanced interest in digital commerce.

Jim Filice, who is vice president and head of New Payments at Visa Canada, said that it was widely recognised that there was more need for money movement services to be modernised as time goes on.

“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,” he explained.  

He went on to say that the company was “excited” about the collaboration with the two other brands.

“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,” he said.

For CIBC, the senior vice president for Cards there said that the company had multiple goals when it comes to money transfers – including higher cost-effectiveness, speedier payments, and more.

“At CIBC we want to make it easier, faster and affordable for our clients to send money abroad when they need to,” Diane Ferri explained in remarks to the press.

She went on to say that the new arrangement would allow customers of CIBC to send their cash on a much faster basis than they had before – even if the transfer was international.

“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," she added.

There’s a lot going on in the online money transfer sector. Now’s the time to find out more about what the firms in this industry are doing over at our reviews section – and to make a decision about which one you might want to use.


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