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The cross-border payments startup Nuvion said early Monday it will work with Visa Direct, a faster-payments network, to enable businesses to send real-time payouts globally. The service is aimed at smoothing faster payments to a host of everyday recipients, including suppliers, contractors, and customers, Nuvion says.
Founded only in 2024, the Miami-based company adds the new service can send money, including stablecoins, to cards, bank accounts, and digital wallets globally. The company also looks to solve the complexity it says users encounter with transfers to multiple countries. “Through our partnership with Visa Direct, we’re enabling faster and more connected financial experiences for businesses operating across borders,” says Keisha Clark, Nuvion’s chief executive and a former Mastercard executive, in a statement.
Visa, which launched Visa Direct in 2013, has in recent years widened the network’s reach beyond cards by adding services for account-to-account transfers. Now, with Visa Direct, Nuvion says it can enable real-time or near real-time disbursements worldwide for cross-border transactions. It says the service should bring added flexibility to international transfers and solve at least some of the complexity involved in such transactions.
Nuvion’s announcement follows Visa’s decision last September to launch a cross-border payments service that relies on Visa Direct as well as cryptocurrency to fund transfers. The big network’s move represented the network’s first move into stablecoins for cross-border processing.
The cross-border market, amounting to $190 trillion as recently as 2023, has attracted competition in the card industry. In one example, MoneyGram International Inc. announced a mobile app around the same time as Visa’s announcement. The app features a dollar-backed stored-value account that works with both fiat currencies and stablecoins for cross-border transfers.
