Nuvei Corporation, the Canadian fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company, has revealed its collaboration with Visa, a well-known figure in digital payments, to introduce Visa Direct in Colombia. Nuvei becomes the first global payments provider to extend Visa Direct to its clientele in the country.

Transferring Funds to Financial Account

Visa Direct, a capability within VisaNet processing, facilitates secure and nearly instantaneous funds transfer directly to financial accounts via card credentials. This feature caters to various applications such as person-to-person payments, fund disbursements, bill payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, or cross-border remittances, directly to eligible debit or prepaid cards.

Colombian merchants gain access to Visa Direct through Nuvei's comprehensive modular payments technology platform. Leveraging Visa Direct, Nuvei's merchants can offer instant payout services to their customers, with transactions processed nearly in real-time.

The provision of instant payouts to cards empowers businesses to furnish a quicker, more secure, and smooth payment experience across diverse industries reliant on payouts.

"Offering instant payouts through Visa Direct supports our strategy of providing best-in-class payment solutions tailored to the needs of each market we serve," commented Philip Fayer, Nuvei's Chair and CEO.

"Colombia is one of the fastest-growing eCommerce markets in Latin America, and we're proud to deliver innovative ways for our customers to optimize their payment flows, enhance user experiences, and operate with maximum efficiency."

.@Nuvei Partners with @Visa to Offer Visa Direct in Colombia#Nuvei #VisaDirect #Colombia #Partnership #fintech #finance #FinancialIT pic.twitter.com/sAp9FKSKG3

— Financial IT (@financialit_net) June 3, 2024

Expanding Payment Offerings with Integration

The partnership with Visa to deploy Visa Direct underscores Nuvei's pioneering role in introducing cutting-edge payment solutions in Colombia. Recently, Nuvei became the inaugural global payments provider to offer direct local acquiring in the country, enabling online businesses to accept card payments sans reliance on intermediaries or third-party payment processors.

Visa Direct is already accessible to Nuvei's partner merchants in over 30 European countries, including the UK, as well as in North America's US and Canada, and in the APAC regions of Hong Kong and Singapore. The extension of Visa Direct access to Colombian businesses marks the latest expansion of the global strategic collaboration between Nuvei and Visa.