NovoPayment announced that it has scaled the deployment of Visa Direct to enable instant payments, P2P and P2M payments, account-to-account payments, fast funds and mass payouts, as well as the use of Visa Token Services.
The new offering will provide issuers, buyers and merchants faster time-to-market in the adoption of key Visa solutions via application programming interfaces (APIs). The move is part of Visa and NovoPayment’s partnership that aims to boost the adoption of digital payment solutions and create new commerce experiences in Latin America and the Caribbean.
“The new API delivery models enabled by NovoPayment provide Visa’s clients and partners another means of adopting key solutions and embedding them into new use cases,” Ruben Salazar, senior vice president of products and solutions at Visa Latin America and the Caribbean, said in a press release. “This is particularly important for the growth of Visa Direct in the region, which has the potential of truly transforming the way funds are transferred amongst consumers, businesses, and governments in Latin America,” he added.
As a leader in the area of banking as a service (BaaS) platforms, NovoPayment is extending Visa’s capabilities into emerging payments including digital account origination, super wallets, and instant and proximity payments through easily consumable APIs.
“Our ability to provide modular or full-stack capabilities, and the combination of our more than 100 APIs with others from Visa, streamlines the creation of new value chains, providing a better experience for issuers, acquirers and digital merchants,” said Anabel Perez, co-founder and CEO of NovoPayment, adding, “Digital payments via Visa Direct and Visa Tokenization Services is a major time-saver and critical component of providing the kinds of frictionless and secure payment alternatives that today’s consumer and commercial customers demand.”
In a recent interview with PYMNTS, Perez spoke about how tapping into the expanding world of API offerings and building new secure connections and value chains can improve the overall customer experience.
“An API can connect different processes to streamline the delivery of services and improve and elevate the customer experience,” Perez noted. And from that starting point, she added, FIs can start really leveraging their API building blocks to continually enhance that customer experience across their banking relationships.