Visa Direct has entered a collaboration with Moonrise, a BaaS gateway by Nordic challenger bank Lunar, to access local payment rails in the region.
The move will enable digital payment network to access domestic payment rails across Denmark, Sweden, and Norway.
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The collaboration is intended to support real-time domestic payments and local account access for Visa Direct clients operating in, or expanding into, the Nordic region.
Visa Direct describes itself as a “real-time” payment network that enables banks, fintechs, businesses and governments to send and receive funds to eligible debit cards, bank accounts and digital wallets.
According to the website, the network supports near-instant, 24/7 money movement across more than 195 countries and 160 currencies.
Under the collaboration, Visa Direct will integrate Moonrise’s local accounts and payment infrastructure via a single API. This includes virtual accounts as well as pay-in and pay-out capabilities across domestic payment schemes in Denmark, Sweden and Norway.
Lunar CEO and founder Ken Villum Klausen said: “Visa is building the next generation of global payments infrastructure, and Moonrise is what brings the Nordics into that equation.
“By simplifying access to local payment rails, Moonrise enables global payment players to deliver local market payment experiences and scale in the region with greater speed, reliability, and confidence, without the need for multiple local integrations.”
The agreement extends Visa’s existing relationship with Lunar. The companies are positioning the work as an expansion from point integrations to a broader payment offering for Visa Direct customers across the Nordics.
Visa Europe Commercial & Money Movement Solutions head, SVP, Philip Konopik said: “Access to true local accounts and payment rails is becoming a key differentiator in markets across Europe, and this expands Visa Direct’s collection capabilities.
“The Nordics are a highly advanced but uniquely structured payments market, with local infrastructure and regulatory requirements that can be complex for companies looking to scale across the region.
“Through Moonrise, Visa Direct is able to combine its global reach with local capabilities, giving our clients the flexibility to operate at scale while maintaining the consistency and resilience of the Visa Direct platform.”
Last month, Visa and UnionPay International partnered to support cross-border money movement into Chinese Mainland through Visa Direct.
The service will allow cross-border remittances and business-to-consumer payouts to more than 95% of UnionPay International debit cardholders in Chinese Mainland.
