Worldpay, Inc., a global leader in payments, has announced the launch of new dynamic payout solutions that give multi-national eCommerce businesses more choices to disburse funds to partners and customers – quickly, easily and across country borders.
Worldpay’s dynamic payout solutions combine the enhanced Worldpay Bankout solution, which now delivers 154 direct bank disbursement destinations (up from 65), and Worldpay FastAccess – enabled by Visa Direct1.
With these versatile payout options, partners and customers need no longer wait for days to receive funds or refunds as they now can obtain them via card in near real-time – through mobile wallet or directly to a local bank account.
Bankout is an ideal solution for businesses needing to make a large number of global payments to – or on behalf of – their customers and suppliers. With 89 new local markets, Worldpay now provides seamless cross-border payouts for businesses in local currencies without the expense of making multiple international bank transfers.
Dynamic payouts allow businesses to make faster, seamless card-based payouts in near-real time within a maximum of 30 minutes2. Building on its launch in the United States last year3, FastAccess is now available to Worldpay customers trading in Europe and Asia.
A wide-range of industries benefit from these new flexible payout solutions. For example, travel and tourism companies and marketplaces can pay out funds to accommodation vendors or disbursements to travellers in a variety of countries and currencies; gaming businesses can provide near-instant payouts to customers; insurance companies can save costs by replacing local checks with bank transfers; and marketplaces can allow independent sellers to retrieve funds more quickly.
Shane Happach, executive vice president, Head of Global Enterprise eCommerce at Worldpay, Inc., said: “As more and more companies send payments at lower values, cross-border, it will become a competitive differentiator to send quicker payouts to consumers and inexpensive disbursements to vendors and suppliers. It is estimated that by 2025, the sharing economy will generate Europe-wide revenues worth over €80bn and facilitate nearly €570bn of transactions4. At the heart are seamless, transparent, secure payouts, which can be made via card, mobile wallet or bank transfer in any currency, anywhere in the world.”
[1] Visa’s global real-time push payments platform that allows companies to leverage Visa’s global reach and scale to transform payments for businesses and consumers.
[2] Actual fund availability varies by financial institution. Visa in Europe has announced a mandate that requires card issuers to enable real-time payments by October 2018.
[3] U.S. press release
[4] https://www.pwc.co.uk/issues/megatrends/collisions/sharingeconomy/future-of-the-sharing-economy-in-europe-2016.html
