TransferGo and Visa introduce real-time global transfers
Launched in 2012, TransferGo was created by Forbes’ 2017 ‘30 under 30’ selectee Daumantas Dvilinskas. Inspired by first-hand experiences with legacy payments structures, Dvilinskas decided to create a company dedicated to making money transfers fast, affordable and secure.
TransferGo has won industry recognition as the ‘’ in 2018 and has garnered positive reviews based on its transparency, trust and user experience. To date, the company has over two million active users.
A constant cycle of innovation
TransferGo’s partnership with Visa will enable its services to scale around the globe. Currently available in 32 European markets, the collaboration has the potential to expand into 178 countries.
Utilising the service, customers will gain the speed and security of its infrastructure while conducting international payments. Users will not need to use online banking or an IBAN number; payments can be sent directly to a card.
Dvilinskas labelled the new development part of TransferGo’s “constant cycle of innovation”; an ongoing commitment to examining the needs of customers and adapting services to meet them.
“This is why it is important to us to ensure more people across more markets can experience the benefits of flexible international remittances through easier, faster, and more secure services like Visa Direct.”
There are also benefits in terms of greater inclusion to the digital economy: “What is more, as the service continues to grow, customers could see availability expand further into Africa, Southeast Asia and the Commonwealth of Independent States.”
The necessity of digital payments
A growing need for strong international digital payments structures has been since the COVID-19 pandemic. At a time when many companies and individuals are experiencing economic strains, the security, speed and ease of tech-driven solutions is needed more than ever.
This is a viewpoint shared by Tim Summers, Vice President, Visa Direct, Visa, who expressed his anticipation of an enduring and beneficial partnership with TransferGo:
“We look forward to continuing our ongoing work with TransferGo to make this possible through real-time payments to more consumers across the globe.”
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.