ACE Money Transfer, a UK-based remittance provider, has partnered with Visa to support cross-border money movement.
In a statement, ACE Money Transfer said it will work with Visa to “promote” Account Funding Transactions (AFTs). The agreement connects ACE Money Transfer’s remittance services with Visa’s global payments network.
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AFTs are a transaction type that debits funds from a Visa or Mastercard account to fund another account. ACE Money Transfer said the move is intended to support “faster and more seamless” international money transfers.
ACE Money Transfer head of Payments and Banking Infrastructure Rehan Ashraf said: “Visa’s AFT capability strengthens the infrastructure underpinning every card-funded transfer on our platform. This is about building a payments stack that performs for our customers, and for the corridors we serve.
“Our collaboration with Visa represents an important step in strengthening our payment capabilities. By working closely with Visa to support Account Funding Transactions, we are enhancing the way customers fund their transfers while continuing to invest in secure, reliable and efficient payment experiences.”
Visa Direct Europe vice-president and head Olga Ovchinnikova said: “By expanding our work with ACE Money Transfer across Visa Direct capabilities, we’re helping enable secure, seamless and reliable money movement for customers around the world.
“Together, we’re making it easier for ACE customers to fund and send transfers efficiently, helping meet the needs of individuals and families who rely on fast, convenient cross-border payments.”
ACE Money Transfer is regulated by the UK’s Financial Conduct Authority (FCA). The company is also licenced by the Central Bank of Ireland, regulated by the Polish Financial Supervision Authority (KNF) and by FINTRAC in Canada.
It is also registered with AUSTRAC in Australia.
According to its website, ACE Money Transfer has 1.3 million customers and connects senders to a payout network of more than 350,000 locations.
