Visa and ProgressSoft Partner to Enable Money Movement Innovation

Toronto, September 20, 2023

Visa selects ProgressSoft as its global enabling partner for its cross-border payment service, Visa Direct, marking a significant step towards the transformation of money movement within the global financial sector.

With a shared vision of reshaping the financial landscape, Visa and ProgressSoft are extending their collaborative efforts to empower financial institutions including banks and exchange houses worldwide through efficient facilitation of account, card, and wallet transfers through Visa Direct, ushering in a new era of seamless transactions. Visa Direct provides access to more than seven billion endpoints (cards, accounts, wallets) and gives ProgressSoft’s financial institution customers around the world access to cross-border payout capabilities for SMBs, and individuals, in multiple currencies and countries.

Central to this collaboration is ProgressSoft's smart Payments Hub Platform, a dynamic solution designed to empower financial institutions in effortlessly launching Visa services across diverse customer segments. A defining attribute of the platform is also its ability to facilitate a seamless rollout of services with minimal changes or updates required to back-end systems.

In addition to its core capabilities, Payments Hub introduces an array of supplementary services that include smart beneficiaries' management, transactions screening automation, and different payloads data mapping. These services empower financial institutions to streamline their services, provide top-tier solutions through front-end digital channels, as well as significantly shorten the time-to-market for their offerings.

"ProgressSoft's partnership with Visa for Visa Direct reflects our joint commitment to advancing the global money movement. We are excited to have our Payments Hub Platform play a pivotal role in this collaboration, ensuring the seamless integration of Visa services with minimal disruption," stated Tawfiq Khalili, ProgressSoft’s Regional Director – GCC. “This collaboration is a testament to our dedication to simplifying financial transactions and enhancing the overall banking experience."

A standout attribute of ProgressSoft's partnership with Visa is the optimized onboarding process for financial institutions, enabling them to commence transactions on the Visa network within weeks. Consequently, the integration of Visa Direct into a financial institution’s operational framework is no longer a challenging endeavor.

“Businesses and individuals are demanding quicker solutions for sending and receiving money that are easy and safe to use, and Visa Direct is an example of how we are facilitating quicker and easier money movement,” said Shashank Singh, Visa's VP and General Manager for Qatar and Kuwait. “We are excited to collaborate with ProgressSoft to extend the advantages of our payouts capabilities and expansive network to more financial institutions worldwide and offering them a diverse array of use cases.”

ProgressSoft Corporation

ProgressSoft Corporation is a leading provider of real-time payment and financial solutions tailored to the needs of the financial sector.

Founded in 1989, ProgressSoft’s commitment to innovation, quality, and customer satisfaction has earned it a loyal customer base of more than 370 banks, central banks, payment service providers and financial institutions in 24 countries.

ProgressSoft offers a suite of payment and financial solutions that cater to the evolving needs of financial institutions. These solutions include central bank digital currency, instant payments, payments hub, digital banking, electronic know your customer and electronic check solutions. This is in addition to buy now pay later, real-time gross settlement and automated clearing house among others.

Today, ProgressSoft is a globally trusted and reliable partner for automating and enhancing the efficiency of payment, clearing, settlement and financial systems, with its solutions recognized for their excellence in innovation and efficiency.