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.”
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG