Square Taps Visa for Instant Transfers in Canada – Finovate

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  • Visa is expanding its integration with Square’s instant transfer feature into Canada.
  • Square’s Canadian merchant clients can access their funds in real time, instead of waiting for the next business day.
  • Instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time delivery of funds.

One of the themes at FinovateFall earlier this month was how organizations can leverage real time data. When it comes to the movement of money, timing is everything. So it’s no surprise to see Visa’s announcement this week that it will expand its integration with Square’s instant transfer feature into Canada.

Under the new integration, Square’s Canadian merchant clients can now access their funds faster than the next business day. When they link an eligible debit card, Square’s Canada-based merchant clients can transfer funds instantly to an external bank account.

Used for rapid merchant settlement, Square’s instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time funds delivery directly to bank accounts. As a result, businesses experience increased cash flow, which can be a major pain point, especially for small businesses.

“Cash flow management and more immediate access to funds is critical for small businesses to survive and thrive in a rapidly evolving payments ecosystem,” said Visa Canada’s VP and Head of New Payments Jim Filice. “Together with Square, we’re committed to supporting Canadian small businesses and helping to identify solutions that can benefit them by delivering fast, reliable and secure access to funds.”


Photo by Laura Tancredi

Go to Publisher: Finovate
Author: Julie Muhn (@julieschicktanz)