TAIPEI, Sept. 30,
2024 /PRNewswire/ -- OwlTing Group ("Company"), a
global blockchain fintech company, today 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[1] 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[2] and Visa Direct
Card[3] 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,"
commented Jakub 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."
About OwlPay
OwlPay® is a Web2 and Web3 hybrid payment solution
that provides multiple payment methods available for real-time
clearance and settlement of transactions, such as fiat currency,
stablecoins, and commercial cards and account payables.
OwlPay aims to effectively helps businesses save costs and
enhance operational efficiency, creating a brand-new FinTech
experience. For more information, visit
https://www.owlting.com/owlpay/?lang=en.
About OwlTing Group
Founded in 2010, OwlTing is a global blockchain fintech company
based in Taiwan and has branch
offices in the U.S., Japan,
Singapore, Hong Kong, Thailand, and Malaysia. In 2022, it was selected by KPMG and
HSBC as "the Leading 3 Emerging Giants in Taiwan". With the mission to usher in the
digital transformation of traditional payment processes, while
ensuring legal compliance, OwlTing introduced OwlPay®, a
Web2 and Web3 hybrid payment solution, to empower global businesses
to operate confidently in the evolving digital landscape. For more
information, visit https://www.owlting.com/portal/?lang=en.
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[1] Based on Visa's Q3 2024 Earnings
Conference Call Transcript, and the Visa Direct Fact Sheet,
available on Visa's website.
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[2] The
Visa Direct Account solution enables money to be pushed into
bank accounts to complete business payouts, P2P transfers, app
withdrawals, and more.
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[3] The
Visa Direct Card solution provides AFTs and OCTs mechanisms.
It enables payment service providers such as OwlTing and
Visa to facilitate the movement of funds to
designated cards or accounts.
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[4] Key
Regions include Canada, Argentina, Colombia, Peru and Mexico in the
Americas; Austria, Belgium, France, Germany, Greece, Hungary,
Italy, Lithuania, Monaco, Netherlands, Portugal, Slovakia,
Slovenia, Spain and Poland in Europe; and Hong Kong, India, Japan,
Malaysia, Singapore and South Korea in Asia.
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[5] Based on Visa's "Money Travels:
2024 Digital Remittances Adoption Report," available on Visa's
website.
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SOURCE OwlTing Group