This week, OwlTing Group, a global blockchain Fintech company, announced plans to implement Visa Direct solutions under a global agreement with Visa to provide real-time cross-border payments for individual and business customers. This agreement allows OwlTing to potentially reach more than 8.5 billion endpoints in Visa’s global payment network worldwide.
With Visa Direct, OwlTing can allow its U.S. customers to transfer money across regions through OwlPay, its Web2 and Web3 hybrid payment solution in two phases of integration of OwlTing’s payment services with Visa Direct solutions. The two integrations should be complete by the end of 2024 and by the end of the first quarter of 2025, respectively.
“We’re excited to work with Visa to streamline new standards for how businesses and consumers move money across borders,” said Darren Wang, founder and CEO at OwlTing Group. “This collaboration will enable OwlPay to support payouts in over 160 currencies to more than 190 regions worldwide once fully integrated. Together, OwlPay can visualize the future of payments and create new possibilities for a more interconnected world.”
“Visa has been looking for like-minded partners like OwlTing,” added Jakub Petri, senior director of Global Visa Direct at Visa. “With Visa Direct’s global reach and reliability, this empowers OwlTing to offer their clients faster and more dependable international transactions. Their ambition aligns with our shared vision of transforming global payments and driving growth together.”
After completing the first phase of the integration, OwlPay can utilize Visa Direct Account to meet its various client needs, including cross-border business disbursement and peer-to-peer transfers. Users in the U.S. can send money from their bank accounts or debit cards via OwlPay to proceed with payouts to 26 key regions in the Americas, Europe and Asia.
In the next integration phase, OwlPay expects to expand its service through the Visa Direct Card solution to allow users to use credit cards to initiate cross-border transactions that could clear within seconds. The integration makes it easier for OwlPay users in the U.S. to transfer funds directly to eligible bank accounts, cards, and wallets in even more regions globally.
“OwlTing will be in a good position to support businesses by saving costs and improving efficiency with our Web3 payment solution,” said Wang. “We can also address pain points in cross-border transactions between the U.S. and high-demand markets such as Brazil, Peru, and Mexico where we believe most individual users prefer to use digital money transfers for remittances.”