Visa Direct is planning to introduce a feature that allows funds to be transferred and made available in U.S. bank accounts within one minute or less.
Visa announced an update to its real-time payment platform Visa Direct scheduled for April 2025 that will enable U.S. users to deposit funds directly to eligible bank accounts linked to debit cards through Visa’s network and see them arrive within one minute time.
Currently, the platform enables real-time payments, but the speed can vary depending on the recipient’s bank and other factors. Generally, the service provides fund transfers within a term that ranges from a few minutes to a few hours, depending on the type of transaction and the networks involved.
The enhanced speed is expected to improve real-time payment experiences for consumers, businesses, and governments alike, benefitting numerous types of financial transactions, including splitting bills, paying insurance claims, disbursing government benefits, and processing healthcare payments.
This update significantly improves the experience for cardholders while also offering new opportunities for businesses and governments. Faster access to funds helps organizations operate more efficiently, enhance customer service, and build trust. Whether disbursing government benefits, processing healthcare payments, or managing service industry tips, Visa Direct’s quicker and more reliable money transfers will enable real-time operations and boost their effectiveness.
Despite a notable growth of instant and real-time payments globally, the financial system of the U.S. has been rather slow in adopting the trend. In 2022, instant payments made up only around 1% of overall payments in the country. Visa’s innovation might facilitate the transition to faster payments considering the scope of the system’s use in the U.S. and across the globe. Namely, Visa Direct covers 99% of bank accounts in the U.S. and serves over 11 billion endpoints including cards, accounts and digital wallets around the world.
“Faster payments are crucial for the modern economy, and this move by Visa is a significant step forward. Upgrading the U.S. payment system is essential for secure, near-immediate funds availability. The FPC promotes diverse perspectives and collaboration to address barriers to faster payments. Visa’s initiative sets an exemplary model for financial institutions to meet the demands for speed and efficiency.”
Reed Luhtanen, Executive Director and CEO, U.S. Faster Payments Council (FPC)
