On June 9th, 2020 BBVA Open Platform, a leading source for API-driven, banking and payments solutions, today announced the launch of its real-time payments solution, powered by Visa Direct, Visa’s real-time payments platform. Now, through a single integration of Open Platform’s Move Money API, companies can offer customers frictionless, real-time payments to and from eligible debit cards, in addition to other payment methods. Among the first companies to launch this service are Wise and Tuvoli.
BBVA Open Platform’s Move Money API provides a single, unified service that supports numerous payment types including ACH, digital bill pay, and real-time push and pull payments to and from debit and prepaid cards, through a single, easy-to-implement endpoint. The new API service, integrated with Visa Direct, allows enterprises to transfer money in real time. Transferring money with BBVA Open Platform can now be done easily from a mobile device.
“Since we began working with BBVA Open Platform we’ve been able to address many of our customers’ pain points around making and receiving payments for their business,” said Arjun Thyagarajan, Co-founder and CEO of Wise. “With this new push and pull from debit card functionality we are giving our customers the ability to fund their accounts and begin leveraging Wise’s tools and services in real time, so they don’t have to wait days or weeks to keep growing their business.”
Real-time payments are far from ubiquitous, especially in the B2B landscape. But as demand continues to rise, in areas like faster payroll transactions and vendor billing, businesses are beginning to see significant value in rapid payment capabilities.
Open Platform customer Tuvoli is a business-to-business marketplace for private aviation that is revolutionizing the way private jet companies buy, sell and pay for services. With BBVA Open Platform, Tuvoli enables the companies in its ecosystem to make end-to-end payments, 24 hours a day, 365 days of the year. Using Open Platform’s real-time payments functionality powered by Visa Direct, Tuvoli can now enable payments digitally and quickly, reducing uncertainty for the payers and receivers in its network.
“Payments are a core part of every business transaction and a payment solution should act as an enabler for all transactions versus being a roadblock,” said Sandeep Dalmia, Co-founder and Chief Operating Officer at Tuvoli. “In the digital age, businesses run 24×7, and payment systems haven’t caught up to that timeline yet. Today, with the help of Open Platform, we are able to offer 24×7 payments to all our customers.”
Susan French, SVP, Head of Product and Client Operations at BBVA Open Platform, added, “BBVA Open Platform has always been committed to the democratization of financial services, and the Move Money API is a prime example of that philosophy. We’re proud to partner with Visa Direct to add even more features and flexibility for the businesses who use our services.”
- Actual fund availability depends on receiving financial institution and region.