Private lender, RBL Bank has united with Visa Direct, to provide instant and secured fund settlement on debit and credit cards. The platform will promote RBL Bank to set up complex and advanced tech-led banking solutions. It also helps in taking care of the needs of its partners and merchants. And further assists Fintechs to develop a world-class digital payment experience for their end-users.
Pushpendra Sharma, Head of Digital Payments and Acquisition, RBL Bank commented that they had successfully developed a strong partnership model that helps in delivering technology-led banking solutions to many of the companies across retail and institutional space. The partnership with Visa emphasizes the RBL’s ‘Partners ka Bank’ philosophy. It is an extension of the broad portfolio of digital payment solutions that the bank proposes for its customers.
Meanwhile, Sujai Raina, Head of Business Development, India, Visa conveyed his viewpoint that Fintechs offer customers to do easy and secure payments for different modes of services. The connection with RBL Bank will allow Visa in extending the scope of its real-time push payment service platform, Visa Direct, across India. This paves way for the Fintechs to improve the quality of their offerings through Visa Direct. Using their APIs (Application Programming Interfaces), Fintechs can execute Visa Direct at high speed. It provides faster settlements for bill payments and an instant payment experience for the customers.
RBL Bank is one of the chief private sector banks in India with a great presence across the country and currently they had over 8.44 million customers. They provide certain specific financial services under six business areas namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations.
Visa Direct makes use of Visa’s global payment system to qualify real-time push payment competencies for financial institutions and their clients. Digital payment solutions can use Visa Direct to remit funds directly to financial accounts simply and securely.
Therefore, it is evident that the alliance of both RBL Bank and Visa will be a great success in providing a safe, reliable, and real-time payment platform for the end-users.