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Remitly Partners with Visa to Enhance Cross-Border Money Transfer Service

March 28, 2019

SEATTLE--(BUSINESS WIRE)--Mar 28, 2019--Today, Remitly announced an agreement to further modernize the sending and receiving of funds internationally by adding another fast, secure and transparent channel to the Remitly digital money transfer platform through Visa Direct, Visa’s real-time[1] push payments platform. Working together, Remitly and Visa plan to provide the ability to send funds from the United States to eligible Visa debit cards across borders, with the goal to expand access to other sending markets worldwide.

Transferring money across borders can be met with operational, process, and funding delays that can greatly impact the recipient. Remitly will use Visa Direct to unlock more choices for its customers to send cross-border payments in real-time to eligible Visa debit cards in multiple countries around the world.

“Our highest priority is to create the best possible money transfer experience for immigrant communities and their families around the world. Our customers have unique money transfer needs including a need for more choices in how they send and receive money,” said Matt Oppenheimer, Remitly CEO and Co-Founder. “This collaboration with Visa, the world’s leader in digital payments, helps us meet this need with instant scale, security and reach that will help us continue to improve our service.”

Fueled by big data, Remitly uses mobile technology, machine learning, and direct integrations with partner banks and cash pickup locations to calculate a specific date and time recipients can expect their money to arrive. This allows customers to track their transfer to know exactly when and where their money will arrive. Remitly plans to use Visa Direct to give its customers the ability to send payments to eligible Visa cards in real time.

“Our new relationship with Remitly underscores Visa Direct’s ability and commitment in enabling the freedom to securely send money around the world,” said Bill Sheley, Global Head of Visa Direct, Visa. “This collaboration extends Visa’s ability to deliver faster payments to customers, regardless of borders or location.”

About Remitly

Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, and South America. Its reliable and easy-to-use mobile app makes the process of sending money faster, easier, more transparent and less costly by eliminating the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process. Remitly is backed by industry-leading investors, Naspers’ PayU, Silicon Valley Bank, Stripes Group, Threshold Ventures (formerly DFJ Venture ), DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures. The company is headquartered in Seattle, with additional offices in London, the Philippines, and Nicaragua. For more information, visit Remitly.com.

[1] Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative for more information.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190328005226/en/

CONTACT: Remitly

Britta Gidican, 206-535-6152 ext. 213

brittag@remitly.com

KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Remitly

Copyright Business Wire 2019.

PUB: 03/28/2019 07:00 AM/DISC: 03/28/2019 07:01 AM

http://www.businesswire.com/news/home/20190328005226/en