Visa Direct will soon ensure that funds transferred to US bank accounts will be available within a minute or less.
From next April, the payment giant's Direct real-time money movement platform will enable consumers, businesses and governments to deposit funds to bank accounts linked to eligible debit cards in under 60 seconds.
Visa Direct reaches 99% of bank accounts in the US, and over 11 billion endpoints including cards, accounts and digital wallets around the world.
Visa cites a host of use cases, including splitting a bill with friends, moving money between accounts, receiving an insurance claim payout or accessing earned wages.
Meanwhile, the change could benefit the disbursement of government benefits, processing healthcare payments, or handling tips in the service industry, helping businesses and governments to operate in real-time more effectively.
Jim Filice, VP, head, real-time payments, Visa Direct, says: “At Visa, we are constantly striving to innovate and provide the best possible money movement experiences, and this update will significantly enhance the speed and convenience, while maintaining strong security standards.”