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August 13, 2019

Repay Holdings rolls out instant funding product in Canada

Payment processing solutions provider Repay Holdings has launched its instant funding product in Canada.

The service will allow lenders to transfer funds directly to eligible Visa cards through Visa Direct-enabled electronic transactions.

It will be made available through Repay’s financial institution partner.

The service will enable Canadian banks and financial institutions to replace traditional checks and EFT transactions with real-time transactions. The Repay Instant Funding will be available round the clock.

Repay chief revenue officer Susan Perlmutter said: “After a successful launch in the US, we are extremely excited to bring our Instant Funding product to the Canadian market.

“Our technology removes the friction and processing delays often associated with traditional fund disbursements and enables lenders to provide fast, convenient and secure funding experiences to their customers.”

Visa Canada vice-president and head of product Brian Weiner said: “In partnership with Repay, we’re eager to deliver a payment solution to help lenders run their businesses more efficiently.

“We launched Visa Direct because we understand that easy, convenient and secure access to funds is critical to enabling growth for lenders.”

Visa Direct is Visa’s real-time push payments platform which was launched in Europe in 2017. It enables domestic and cross-border payments for businesses and consumers in real-time.

However, actual fund availability depends on the particular receiving region and financial institution.

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