Visa Teams With ACE Money Transfer on Cross-Border Payments

U.K.-based remittance provider ACE Money Transfer has launched a cross-border payments partnership with Visa.

The collaboration will see the companies promote account funding transactions to support faster and more seamless money transfers, ACE said in a Monday (July 13) news release.

The combination of ACE Money Transfer’s expertise in global remittances with Visa’s payments network is designed to support a more secure and convenient digital payments experience for people sending money to friends and family around the world, the release added.

The collaboration aims to support secure digital payment experiences while creating greater convenience for customers sending money to family and friends around the world.

“Visa’s AFT capability strengthens the infrastructure underpinning every card-funded transfer on our platform. This is about building a payments stack that performs for our customers, and for the corridors we serve.” said Rehan Ashraf, head of payments and banking infrastructure at ACE Money Transfer.

“Our collaboration with Visa represents an important step in strengthening our payment capabilities,” he added. “By working closely with Visa to support account funding transactions, we are enhancing the way customers fund their transfers while continuing to invest in secure, reliable and efficient payment experiences.”

Olga Ovchinnikova, vice president, head of Visa Direct Europe, said the partnership comes amid rising demand for digital cross-border payments, underscoring the need for collaboration.

“By expanding our work with ACE Money Transfer across Visa Direct capabilities, we’re helping enable secure, seamless and reliable money movement for customers around the world,” she added. “Together, we’re making it easier for ACE customers to fund and send transfers efficiently, helping meet the needs of individuals and families who rely on fast, convenient cross-border payments.”

PYMNTS explored some of the obstacles hindering cross-border payments last week in a conversation with AJ McCray, managing director and head of global payments product at Bank of America.

The largest of these obstacles, that report said,  is providing the certainty, visibility and immediacy that consumers and businesses expect when making domestic payments.

That expectation is transforming how companies approach global payments, from pushing for faster settlement to demanding continuous availability, end-to-end transparency and payment experiences that resemble domestic, real-time transactions, even when money needs to travel across multiple jurisdictions. McCray said the forces driving that demand extend well beyond advances in payment technology.

“There are really three things that are driving this need,” McCray told PYMNTS. “You’ve got consumer expectations, new business models and more sophisticated corporate treasurers.”