Visa and CIBC announced a new collaboration that will enable the bank’s clients to send funds across borders more conveniently.
In brief:
-Clients will soon be able to send money to a new range of digital wallets in key remittance destinations, where they are the primary method for people to pay and get paid.
- Digital wallets are among the fastest growing financial instruments in the world, with global numbers expected to cross 5.2 billion by 2026.
- This announcement builds on the companies’ earlier collaboration that enables CIBC and Simplii clients to use Visa Direct-enabled cross-border (P2P) and (B2C) payouts through CIBC’s and Simplii’s Global Money Transfer service.
What does that mean?
“Visa Direct enables consumers and businesses to send money cross-border with ease, and we are thrilled to work with industry leaders like CIBC and Simplii to provide even more remittance options for their customers,” said Sam Fuda, Vice President and Head of Commercial and Money Movement Solutions, Visa Canada. “Together, we are working to break down the barriers of cross-border money movement to improve speed, transparency, and accessibility for both the sender and receiver.”
