OwlTing Group (“Company”), a global blockchain fintech company, announced plans to implement Visa Direct solutions under a global agreement with Visa, a world leader in digital payments to provide real-time cross-border payments for individual and business customers. This agreement will provide OwlTing an opportunity to potentially reach over 8.5 billion endpoints in Visa’s payment network worldwide.
With Visa Direct, OwlTing can allow its U.S. customers to transfer money seamlessly across regions through OwlPay®, its Web2 and Web3 hybrid payment solution in two phases of integration of the Company’s payment services with Visa Direct solutions. The Company aims to complete its integration with Visa Direct Account and Visa Direct Card solutions by the end of 2024 and by the end of the first quarter of 2025, respectively.
Corporate users that need to pay their business partners overseas or individual users such as parents who want to transfer funds to their children studying abroad can leverage OwlPay® as a fast, secure, and cost-effective solution to make instant money transfer transactions.
“We’re excited to work with Visa to streamline new standards for how businesses and consumers move money across borders,” said Darren Wang, Founder and CEO at OwlTing Group. “This collaboration will enable OwlPay® to support payouts in over 160 currencies to more than 190 regions worldwide once fully integrated. Together, OwlPay® can visualize the future of payments and create new possibilities for a more interconnected world.”
“Visa has been looking for like-minded partners like OwlTing,” commentedJakub Petri, Senior Director of Global Visa Direct at Visa. “With Visa Direct’s global reach and reliability, this empowers OwlTing to offer their clients faster and more dependable international transactions. Their ambition aligns with our shared vision of transforming global payments and driving growth together.”
After completing the first phase of the integration, OwlPay® will be able to utilize the Visa Direct Account solution to meet its various client needs, including cross-border business disbursement and peer-to-peer (P2P) transfers. Users in the U.S. will be able to send money from their bank accounts or debit cards via OwlPay® to proceed with payouts to 26 key regions[4] in the Americas, Europe and Asia.
In the next phase of integration, OwlPay® expects to expand its service through the Visa Direct Card solution to allow users to use credit cards to initiate cross-border transactions that could clear seamlessly within seconds. The integration makes it easier for OwlPay® users in the U.S. to transfer funds directly to eligible bank accounts, cards, and wallets in even more regions around the world.
“OwlTing will be in a good position to support businesses by saving costs and improving efficiency with our Web3 payment solution,” said Darren Wang. “We can also address pain points in cross-border transactions between the U.S. and high-demand markets such as Brazil, Peru, and Mexico[5] where we believe most individual users prefer to use digital money transfers for remittances.”
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