Expanding our network through Visa Direct partnership
On a map, countries appear as bold splashes of color, each with its own clear boundaries and crisp borders. There is no coloring outside the line. Yet we know the lines between countries are profoundly blurry, with countless individuals flowing across national borders every day pursuing a better life - not just for themselves, but also for loved ones they leave behind.
The effort required by foreign workers sending money to family members in their home country has historically been complicated, costly, and time-consuming. Whether it’s foreign exchange rates, payment method availability, or the unique regulations in every country, the simple desire to send financial support back home can be deeply challenging.
Despite the friction, cross-border payment volumes are expanding dramatically, driven in large part by foreign workers sending money back home. According to McKinsey’s 2023 Global Payments Report, flows reached $150 trillion in 2022 - a 13% increase from the previous year. Transaction volumes are projected to increase annually by double digits for the foreseeable future.
Fortunately, facilitating global remittances recently got much easier. A recent collaboration between Brightwell and Visa brings near real-time global money movement to the world, elevating lives and livelihoods all around the world. Brightwell, a leading provider of cross-border payment solutions, has implemented Visa Direct to facilitate payouts to eligible bank accounts and wallets around the world. The result is a convenient and streamlined remittance experience for anyone seeking to send money to friends and loved ones, nearly anywhere in the world.
Why it's a big deal
The partnership makes Brightwell the first financial technology firm in North America to offer all cross-border payment methods enabled by Visa Direct, Visa’s global digital payment network. Visa Direct provides reach to over 8.5 billion endpoints including 3+ billion cards, 3+ billion accounts and 2.5 billion digital wallets. With this partnership, Brightwell is expanding its network reach to any Visa cardholder, providing additional options for recipients to receive funds.
A smooth-running payments system is vital for quick, secure, transparent and reliable domestic and cross-border transactions to take place. The Brightwell-Visa partnership ensures these payments are delivered wherever they need to go – quickly, securelyy,, and via their preferred payment method.
How collaboration helps companies help people
The implementation of Visa Direct’s card, account and wallet payment modalities significantly expands Brightwell’s network. This gives Brightwell the ability to send money across borders to 90% of the world’s population. Through our collaboration with Visa, Brightwell brings more payment options and reach to clients in the financial sector and far beyond.
Expect the Brightwell-Visa Direct partnership to net more wins
The Brightwell and Visa partnership is longstanding, having worked together since the early 2000s, with Brightwell’s founding in the prepaid card business. The partnership underpinned Brightwell’s 2016 launch of Navigator, a global payroll solution for the cruise industry. Leveraging the power of Visa’s payment rails, Brightwell provides proven technology and compliance expertise, enabling millions of businesses and consumers to facilitate cross-borders payments.
To learn more about how Brightwell is collaborating with Visa to enable payouts to debit cards, bank accounts and wallets, click here.
Brightwell Payments, Inc. is not a bank or a money transmitter. All banking services are provided by The Bancorp Bank, N.A. member FDIC, which may perform such services through one or more service providers.
