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OwlTing, Visa team up on cross-border payments

Friday, October 04, 2024 — 13:43:43 (EDT)

TAIPEI, Sept. 30, 2024 /PRNewswire/ -- OwlTing Group ("Company"), a global blockchain fintech company, today announced plans to implement Visa Direct solutions under a global agreement with Visa, a world leader in digital payments to provide real-time cross-border payments for individual and business customers. This agreement will provide OwlTing an opportunity to potentially reach over 8.5 billion endpoints[1] in Visa's payment network worldwide.

OwlTing Teams Up With Visa to Streamline Cross-border Payments

With Visa Direct, OwlTing can allow U.S. customers to transfer money seamlessly across regions through OwlPay

With Visa Direct, OwlTing can allow its U.S. customers to transfer money seamlessly across regions through OwlPay®, its Web2 and Web3 hybrid payment solution in two phases of integration of the Company's payment services with Visa Direct solutions. The Company aims to complete its integration with Visa Direct Account[2] and Visa Direct Card[3] solutions by the end of 2024 and by the end of the first quarter of 2025, respectively.

Corporate users that need to pay their business partners overseas or individual users such as parents who want to transfer funds to their children studying abroad can leverage OwlPay® as a fast, secure, and cost-effective solution to make instant money transfer transactions.

"We're excited to work with Visa to streamline new standards for how businesses and consumers move money across borders," said Darren Wang, Founder and CEO at OwlTing Group. "This collaboration will enable OwlPay® to support payouts in over 160 currencies to more than 190 regions worldwide once fully integrated. Together, OwlPay® can visualize the future of payments and create new possibilities for a more interconnected world."

"Visa has been looking for like-minded partners like OwlTing," commented Jakub Petri, Senior Director of Global Visa Direct at Visa. "With Visa Direct's global reach and reliability, this empowers OwlTing to offer their clients faster and more dependable international transactions. Their ambition aligns with our shared vision of transforming global payments and driving growth together."

After completing the first phase of the integration, OwlPay® will be able to utilize the Visa Direct Account solution to meet its various client needs, including cross-border business disbursement and peer-to-peer (P2P) transfers. Users in the U.S. will be able to send money from their bank accounts or debit cards via OwlPay® to proceed with payouts to 26 key regions[4] in the Americas, Europe and Asia.

In the next phase of integration, OwlPay® expects to expand its service through the Visa Direct Card solution to allow users to use credit cards to initiate cross-border transactions that could clear seamlessly within seconds. The integration makes it easier for OwlPay® users in the U.S. to transfer funds directly to eligible bank accounts, cards, and wallets in even more regions around the world.

"OwlTing will be in a good position to support businesses by saving costs and improving efficiency with our Web3 payment solution," said Darren Wang. "We can also address pain points in cross-border transactions between the U.S. and high-demand markets such as Brazil, Peru, and Mexico[5] where we believe most individual users prefer to use digital money transfers for remittances."

About OwlPay

OwlPay® is a Web2 and Web3 hybrid payment solution that provides multiple payment methods available for real-time clearance and settlement of transactions, such as fiat currency, stablecoins, and commercial cards and account payables. OwlPay aims to effectively helps businesses save costs and enhance operational efficiency, creating a brand-new FinTech experience. For more information, visit www.owlting.com/owlpay/?lang=en.

About OwlTing Group

Founded in 2010, OwlTing is a global blockchain fintech company based in Taiwan and has branch offices in the U.S., Japan, Singapore, Hong Kong, Thailand, and Malaysia. In 2022, it was selected by KPMG and HSBC as "the Leading 3 Emerging Giants in Taiwan". With the mission to usher in the digital transformation of traditional payment processes, while ensuring legal compliance, OwlTing introduced OwlPay®, a Web2 and Web3 hybrid payment solution, to empower global businesses to operate confidently in the evolving digital landscape. For more information, visit www.owlting.com/portal/?lang=en.

[1] Based on Visa's Q3 2024 Earnings Conference Call Transcript, and the Visa Direct Fact Sheet, available on Visa's website.

[2] The Visa Direct Account solution enables money to be pushed into bank accounts to complete business payouts, P2P transfers, app withdrawals, and more.

[3] The Visa Direct Card solution provides AFTs and OCTs mechanisms. It enables payment service providers such as OwlTing and Visa to facilitate the movement of funds to designated cards or accounts.

[4] Key Regions include Canada, Argentina, Colombia, Peru and Mexico in the Americas; Austria, Belgium, France, Germany, Greece, Hungary, Italy, Lithuania, Monaco, Netherlands, Portugal, Slovakia, Slovenia, Spain and Poland in Europe; and Hong Kong, India, Japan, Malaysia, Singapore and South Korea in Asia.

[5] Based on Visa's "Money Travels: 2024 Digital Remittances Adoption Report," available on Visa's website.

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Source: Company press release.