New collaboration to modernize money movement
for quick and easy cross-border money transfers
TORONTO, Dec. 23, 2019 /CNW/ - Today, Visa and TD Bank
announced a new capability to help Canadians move their money
between their Canadian and U.S. accounts. Powered by Visa Direct,
Visa's real-time1 push payments solution that has
processed 2 billion transactions2 in the past year, the
new service - TD Bank (US) to TD (Canada) Transfer, allows TD's Canadian
customers to transfer their funds to Canada from their U.S. accounts at TD Bank
with speed, convenience and transparency. The collaboration
reinforces Visa's commitment to modernize how payments are made
around the world and TD's focus on meeting evolving customer
preferences.
"At Visa, we want to empower Canadians to send, receive and
access their money where they want, when they want, and how they
want," said Brian Weiner, vice
president & head of product, Visa Canada. "Visa Direct is
providing Canadians more convenient ways to move their money, and
we are pleased to be working with TD to expand this capability to
Visa cardholders."
With 1.5 million Canadians heading to warmer climates during the
winter3, financial preparations before travelling are
top of mind. A Visa poll shows that 36% of Canadian snowbirds are
frustrated with money matters like moving funds between Canadian
and U.S. accounts4. Today, nearly $80 trillion USD is sent via wire transfer or
bank account globally5, a process that is outdated,
costly and can take days to complete. Now the ease, convenience and
security of moving money digitally is generating momentum, and the
improvement of these solutions are core to Visa's payment
modernization strategy.
"At TD, we're focused on providing our customers with products
and services that are easy to use and deliver value," said Frank
Psoras, senior vice president, Everyday Banking at TD. "Today,
we're pleased to be offering an even easier way for our customers
to move funds from their TD U.S. to Canadian bank accounts,
demonstrating our commitment to omni-channel experiences that allow
Canadians to bank in the ways that work best for them."
The northbound money movement feature is now widely available
for TD Cross-Border Banking customers in Canada and there is no transfer fee for
customers sending money from an American personal bank account at
TD Bank, America's Most Convenient Bank®, to their Canadian-based
personal accounts at TD Canada Trust. For more information about
Visa Direct, visit:
https://usa.visa.com/run-your-business/visa-direct.html. For more
information about TD's Cross-Border Banking features, visit
https://www.td.com/ca/en/personal-banking/solutions/cross-border-banking/.
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1
|
Actual fund
availability depends on receiving financial institution and region.
Visa requires fast-funds enabled issuers to make funds available to
their recipient cardholders within a maximum of 30 minutes of
approving the transaction. Please refer to your Visa representative
and the Visa Direct Original Credit Transaction Global
Implementation Guide for more information.
|
2
|
https://s1.q4cdn.com/050606653/files/doc_financials/2019/q4/CORRECTED-TRANSCRIPT-Visa,-Inc.%28V-US%29,-Q4-2019-Earnings-Call,-24-October-2019-5-00-PM-ET.pdf Data
refers to Visa's Fiscal Year 2019, which ended September
2019.
|
3
|
Arizona Office of
Tourism (AOT) 2017 and 2018 Canada-Florida Economic Impact
Study
|
4
|
Visa Canada Google
Survey (conducted between November 21 – December 5, 2019) of 2,300
Canadians aged 55 and older (of which, 780 self-identified as
travelling to a warmer part of the USA during the
winter).
|
5
|
Accenture Market
Sizing, 2017, Annual Addressable PV for Real Time Payments, all
markets.
|
About Visa Inc.
Visa Inc. (NYSE: V) is a world leader in digital payments. Our
mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. Our relentless focus on innovation is a catalyst
for the rapid growth of digital commerce on any device for
everyone, everywhere. As the world moves from analog to digital,
Visa is applying our brand, products, people, network and scale to
reshape the future of commerce. For more information, visit
visa.ca/en_CA/about-visa.html,
usa.visa.com/visa-everywhere/blog.html and @VisaNewsCA.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the fifth
largest bank in North America by
branches and serves over 26 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in TD Ameritrade; and Wholesale Banking, including TD
Securities. TD also ranks among the world's leading online
financial services firms, with more than 13 million active online
and mobile customers. TD had CDN$1.4
trillion in assets on October 31,
2019. The Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock
Exchanges.
SOURCE Visa Canada