RYVYL EU and Visa Partner to Enable Visa Direct for Fast and Secure Account-to-Account Transfers – UPDATED
San Diego, June 28, 2023 (GLOBE NEWSWIRE) — RYVYL (NASDAQ: RVYL) announced that RYVYL EU, its wholly-owned subsidiary in Europe and a fully licensed electronic money institute (EMI) entered into a partnership with Visa to enable Visa Direct, a cutting-edge transfer solution, to RYVYL’s customers. This collaboration is set to revolutionize the way funds are transferred between accounts, offering fast, convenient, and secure transactions.
When the new Visa Direct capability is integrated into RYVYL’s service offerings the customers will have the opportunity to send money to authorized accounts in over 80 countries across multiple currencies through Visa’s extensive network of local banking partners.
By utilizing Visa Direct, RYVYL’s clients will experience the benefits of faster access to funds, with money becoming available within minutes instead of days. This improved speed is achieved by enabling Visa Direct to transfer money directly and efficiently.
“We are excited to be selected as one of Visa’s partners in the Eastern European region for this Visa Direct solution due to our long-standing relationship as a Principal member and our comprehensive range of payment solutions that align perfectly with Visa Direct – Account-to-Account Transfers”, said Fredi Nisan, RYVYL’s Chief Executive Officer and co-founder. “Facilitating faster transfers through Visa Direct allows RYVYL EU to keep pace with the rapidly evolving payments industry. It aligns with the company’s strategic objectives, which include potential revenue growth, industry leadership in the money movement sector, expansion into new markets and customer bases, and delivering a best-in-class user experience.”
“We are thrilled to announce the further expansion of our strategic partnership with RYVYL in the space of cross-border payments. RYVYL EU will enable Visa Direct Account capabilities for its clients to further optimize this business and introduce efficiencies such as cost optimisation, better exchange management and an improved value proposition for RYVYL’s clients. Visa Direct is Visa’s digital platform that allows organizations to move money directly to cards, bank accounts and wallets globally. It enables new efficiencies for financial institutions and platforms, allows to build real time payment experiences for domestic and international payments and covers funds delivery in more than 190 countries reaching around 7 billion endpoints worldwide, including more than 3.5 billion cards, over 2 billion accounts and 1.5 billion digital wallets“, said Sebastian Geldner, Head of Business Development CEE at Visa.
The RYVYL EU and Visa partnership is part of RYVYL’s business transformation of updating payments infrastructure to provide superior banking as a service (BaaS) offerings and better serve its customers, retain their loyalty, and create new revenue streams. By offering cross-border payments services across different business lines and payment instruments, RYVYL EU aims to expand its offerings and remain at the forefront of the payments industry.
RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni® stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com
RYVYL EU EAD is a wholly-owned subsidiary of RYVYL Inc. and was formerly known as Transact Europe, a EMI based in Sofia, Bulgaria. www.ryvyl.eu
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