Visa EU has announced Visa Direct, a new cross-border money tranfer service.
The new service is set to revolutionise cross-border payments, enabling Visa‚s member banks to offer a convenient, end-to-end money transfer service to their customers. As it operates across the existing Visa infrastructure it is straightforward and cost-effective for banks to implement.
The service precedes the introduction of tighter EU regulation on cross-border transfers. From July 2003 banks within the Eurozone will no longer be able to charge more for low value (below •12,500) EU cross-border transfers than they do for domestic transfers. Visa Direct provides member banks with a ready-made, low-cost means of complying with the new regulations. It also gives them an opportunity to play a part in a European money transfer market worth an estimated •25 billion a year.