Visa Direct will make funds transferred to US bank accounts available within one minute or less.

Visa Direct is a service provided by Visa that currently reaches 99 per cent of bank accounts in the US and over 11 billion endpoints including cards, accounts and digital wallets worldwide.

Starting in April 2025, the initiative will allow consumers, businesses and governments to use Visa Direct to deposit funds into US bank accounts linked to eligible debit cards in real time.

The initiative will ensure that funds are available in bank accounts within a minute or less for a range of different services, such as sharing a bill with friends, moving money between accounts, receiving payment for an insurance claim or accessing a worker's salary.

The move has unsurprisingly been welcomed by the US Faster Payments Council (FPC) as the country has long lagged behind the UK and European Union when it comes to real-time payments.

Reed Luhtanen, executive director and chief executive at the FPC, said that faster payments are crucial for the modern economy in the US.

“Upgrading the US  payment system is essential for secure, near-immediate funds availability,” he continued. Visa’s initiative sets an exemplary model for financial institutions to meet the demands for speed and efficiency.”

Visa added that the service will improve the cardholder experience while opening up new avenues for growth and prosperity for businesses and governments as well as increased operational efficiency, customer service and customer confidence.

“At Visa, we are constantly striving to innovate and provide the best possible money movement experiences, and this update will significantly enhance the speed and convenience, while maintaining strong security standards,” said Jim Filice, VP and head of real-time payments at Visa Direct.

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