Visa And Astra Partner To Speed Up Funding For New Accounts
CIOReview
CIOREVIEW >> Banking & Insurance >>

Visa And Astra Partner To Speed Up Funding For New Accounts

By CIOReview | Monday, August 29, 2022

Visa Direct and Astra offer rapid account funding to U.S. neobanks, markets, and exchanges.

FREMONT, CA: “Every consumer and business knows the value of time to money intimately. Every fintech product is faced with the challenge of providing faster account funding options for their users," says Gil Akos, CEO of Astra. Astra, a leading U.S. supplier of immediate card-to-card financing as a service, has leveraged Visa Direct, Visa's real-time payments service, to enable fast payments to millions of its end-users. They can fund cards, wallets, and other accounts with their approved debit cards.

“Through our collaboration with Visa, we can provide fast payments for me-to-me and peer-to-peer transactions. An easy integration for advanced payments through Visa Direct via Astras API will enable a world of new innovations for banking, investing, and marketplace products,” adds Akos.

Astra is a payments platform that enables developers to add transfer capabilities to their current applications rapidly and securely in as little as one week. Built for scalability and automation, the Astra Platform is API-integrated and enables developers to add payment capabilities to their applications without incurring additional compliance, capital, or operational expenditures.

The onboarding process for a new user of a neo-banking or marketplace application is crucial but brief. Opening a new bank account or wallet often requires waiting multiple days for an ACH transfer to clear before using the accompanying debit card. With Astra, clients may instantly fund a new debit card by transferring funds from an existing debit card via Visa Direct. This technology enables fintech products to assist users in transferring funds in real-time3, 24 hours a day, 365 days a year. Accelerating funds availability can result in a more seamless onboarding process for customers and the possibility to begin monetizing card transactions sooner.

“In a world where consumers expect to move money quickly and conveniently, fintechs and neo-banks must enhance their payment options to meet these new demands,” states Yanilsa Gonzalez-Ore, SVP, North America Head of Visa Direct. “Visa Direct empowers Astras clients to deliver money in real-time3, providing end-users with a fast option for moving funds between accounts.”