Visa has joined forces with Canadian payment processor Moneris Solutions to facilitate quick funds disbursement for more Canadians.

Moneris’ Real-time Funds solution is powered by Visa’s real-time push payments platform Visa Direct.

The solution helps Canadians receive secure and faster disbursements directly into their bank accounts.

Moneris already serves 350,000 merchants in Canada – spanning from large national retailers to small businesses – through its payment solutions.

The funds disbursements opportunity in the country for small businesses and consumers represents nearly a CAD1.4trn ($10.4trn) market.

Moneris will offer the Real-time Funds solution across industries including insurance, gig economy, prepaid cards and lending.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Moneris CPO Patrick Diab said: “Giving merchants the ability to refund and reimburse customers with real-time push-payments quickly, easily and securely offers a significant benefit to our merchants.

“Removing the administrative burden of cheque issuance and making funds available to customers on cards that they already carry in their wallet can help drive more efficiency for many of our merchant segments.”

Visa Direct has processed as many as two billion transactions last year.

The payments giant is working with partners globally to fast track the process of sending and receiving funds.

Moneris’ Real-time Funds is the latest addition to Visa Direct’s growing list of collaborations across Canada.

Visa Canada VP & head of product Brian Weiner said: “We are pleased to work with Moneris to help bring efficiencies to the process of sending and receiving money, and provide a smoother experience for individuals, families and businesses.

“Through Visa Direct, Visa is empowering millions of Canadians to access their money where and when they want, which has become increasingly important during these unprecedented times.”