Visa (NYSE: V) says that with Visa Direct, funds transferred to U.S. bank accounts will be available within 1 minute or less starting in April 2025.
Consumers, businesses, and governments can use Visa Direct to deposit funds to bank accounts linked to eligible debit cards in real-time.
Whether splitting a bill with friends, moving money between accounts, receiving an insurance claim payout or a worker accessing their earned wages, this change will “ensure that funds are available in bank accounts within 1 minute or less, effective April 2025.”
Visa Direct reaches 99% of bank accounts in the US and over 11 billion endpoints, including “cards, accounts and digital wallets around the world.
Jim Filice, VP and head of Real-time Payments at Visa Direct, said the update reflects Visa’s commitment to delivering real-time payments.
In addition to enhancing the cardholder’s experience, this update “opens avenues for businesses and governments to grow and thrive.”
With faster funds availability, organizations can enhance their operational efficiency, deliver “better customer experiences, and foster trust among their clients.”
Whether it’s disbursing government benefits, processing healthcare payments, or handling tips in the service industry, the improved reliability of money movement “using Visa Direct empowers businesses and governments to operate in real-time more effectively.”
Reed Luhtanen, Executive Director and CEO, U.S. Faster Payments Council (FPC) said Visa’s initiative sets a model to meet the demands for speed and efficiency.”
As noted in the update, Visa is an enabler of digital payments, facilitating transactions between consumers, merchants, FIs and government entities across “more than 200 countries and territories.
Their mission is to connect the world via the most innovative, convenient, reliable and secure payments network, “enabling individuals, businesses and economies to thrive.”
They believe that economies that include everyone “everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.”
As mentioned in the announcement, the FPC is an industry-led membership organization whose vision is a payment system where Americans can safely and securely pay “anyone, anywhere, at any time and with near-immediate funds availability.”
By design, the FPC encourages a “range of perspectives and is open to all stakeholders in the U.S. payment system.”
Guided by principles of fairness and transparency, the FPC uses problem-solving approaches to “resolve the issues that are inhibiting broad faster payments adoption.”