RYVYL EU and Visa Partner to Enable Visa Direct for Fast and Secure Account-to-Account Transfers - Updated
27 Junho 2023 - 12:36PM
RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a company
that leverages the security of the blockchain and USD-pegged
stablecoin technology with near-real-time attestation to conduct
payment transactions today announced a strategic partnership
between its wholly-owned subsidiary in Europe, RYVYL EU, and Visa.
With RYVYL EU being a fully licensed electronic money institute
(EMI), this partnership will enable RYVYL EU's customers to use
Visa Direct, a state-of-the-art account-to-account transfer
solution. This collaboration aims to revolutionize the way funds
are transferred between accounts, providing fast, convenient, and
secure transactions.
Through the partnership, RYVYL EU valued
customers will soon have access to highly advanced and
convenient payment services via Visa Direct.
This innovative service allows for seamless and secure
international transactions to authorized accounts in over 80
countries without the hassle of correspondent banks. This is
particularly advantageous for customers in regions with low card
usage but high bank account access, such as Asia Pacific and
Latin America, as it provides a highly efficient and cost-effective
solution for moving funds across borders. With Visa Direct,
customers can receive funds in mere minutes, making it an
ideal solution for today's fast-paced world where people are always
on the go.
“We are excited that RYVYL EU has been selected
as Visa’s first partner in Bulgaria for its Visa Direct
solution due to our long-standing relationship as a Principal
member and our comprehensive range of payment solutions that align
perfectly with Visa Direct - Account-to-Account Transfers. This
partnership is also one of the first few in the Eastern Europe
region,” said Fredi Nisan, RYVYL’s Chief Executive Officer and
co-founder. “Facilitating transfers through Visa Direct gives
RYVYL EU a competitive advantage over other financial institutions
allowing the services that the RYVYL family of companies
provide to keep pace in the rapidly evolving payments
industry. It aligns with the RYVYL’s strategic objectives, which
include potential revenue growth, industry leadership in the money
movement sector, expansion into new markets and customer bases, and
delivering a best-in-class user experience.”
“We are thrilled to announce the further
expansion of our strategic partnership with RYVYL in the space of
cross-border payments. RYVYL EU will enable Visa Direct Account
capabilities for its clients to further optimize this business and
introduce efficiencies such as cost optimisation, better exchange
management and an improved value proposition for RYVYL’s clients.
Visa Direct is Visa’s digital platform that allows organizations to
move money directly to cards, bank accounts and wallets globally.
It enables new efficiencies for financial institutions and
platforms, allows to build real time payment experiences for
domestic and international payments and covers funds delivery in
more than 190 countries reaching around 7 billion endpoints
worldwide, including more than 3.5 billion cards, over 2 billion
accounts and 1.5 billion digital wallets“, said Sebastian Geldner,
Head of Business Development CEE at Visa.
The RYVYL EU and Visa partnership is part of
RYVYL’s business transformation of updating payments infrastructure
to provide superior banking as a service (BaaS), offering
better technology to its customers,
retaining their loyalty, and creating new revenue
streams. By offering payment services across different business
lines and payment instruments, RYVYL EU aims to expand its
offerings and remain at the forefront of the payments industry.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a
passion for empowering a new way to conduct business-to-business,
consumer-to-business, and peer-to-peer payment transactions around
the globe. By leveraging unique blockchain security and USD-pegged
stablecoin technology with near real-time attestation, RYVYL is
reinventing the future of financial transactions using its coyni®
stablecoin platform as a transactional foundation. Since its
founding as GreenBox POS in 2017 in San Diego, RYVYL has developed
applications enabling an end-to-end suite of turnkey financial
products with enhanced security and data privacy, world-class
identity theft protection, and rapid speed to settlement. As a
result, the platform can log immense volumes of immutable
transactional records at the speed of the internet for first-tier
partners, merchants, and consumers around the
globe. www.ryvyl.com
RYVYL EU EAD is a wholly-owned subsidiary of
RYVYL Inc. and was formerly known as Transact Europe, a EMI based
in Sofia, Bulgaria and have principal licenses with Visa,
MasterCard and China UnionPay. www.ryvyl.eu
Investor Relations ContactMark SchwalenbergMZ
Group - MZ North
America312-261-6430RVYL@mzgroup.uswww.mzgroup.us
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