DailyPay added an international remittance feature to its platform.
The new addition is powered by the financial technology solution ReadyRemit by Brightwell and Visa Direct. It lets users send money to friends and family worldwide “at the tap of a button” without needing to wait for a scheduled payday, according to a Monday (Oct. 28) press release.
“We are committed to identifying new and highly impactful ways to make DailyPay’s platform relevant, meaningful and easy to use for our customers and their everyday needs,” Jack Rubin, senior vice president of consumer financial solutions at DailyPay, said in the release. “Sending payments overseas with the click of a button, safely and quickly is one such example.”
The international remittance offering expands on an existing Visa/DailyPay partnership aimed at promoting real-time, cross-border payments, according to the release. More than $200 billion in remittances are sent by consumers in the United States each year to family and friends worldwide.
“Visa supports innovative solutions that empower people to manage their money in a simple and secure way,” said Visa Direct North America Head Yanilsa Gonzalez-Ore in the release. “By embedding the ability to send money to cards and accounts in more than 70 countries in real time within the app, Visa and DailyPay will be making a real difference for workers around the world.”
In other cross-border payments news, PYMNTS last week wrote about the bad wrap these transactions get, even as they keep the engine of the world’s economy humming.
As payments make their way around the planet, something akin to the game of “telephone” takes place. Messages are lost, fees are tacked on, tracking becomes difficult and the “net” amount at the end of a transaction chain looks nothing like what was initially sent between banks or among a series of intermediaries.
“The more parties there are in a transaction, the more risk there is … information is not passed along in the same exact fields as it moves between providers,” Nium Chief Payments Officer Alex Johnson told PYMNTS for the Outlook 2030 series.
But things are changing, she said. Real-time verification and global payment networks can have a positive impact on the approach to cross-border payments, smoothing over complexities and reconciliation to help businesses optimize cash flow.
The post DailyPay Teams With Visa to Offer International Remittances appeared first on PYMNTS.com.
