BBVA's API-powered open banking platform has launched a real-time payments service via Visa Direct, for US companies.
Launched in 2018, BBVA Open Banking is a platform that uses APIs to let firms offer their customers financial products without having to take on full banking themselves.
Its latest offering takes advantage of Visa Direct to let companies, through a single integration with the platform's Move Money API, offer their customers frictionless, real-time payments to and from eligible debit cards.
The API provides a single, unified service that supports ACH, digital bill pay, and real-time push and pull payments to and from debit and prepaid cards, through a single endpoint. The new API service, integrated with Visa Direct, allows enterprises to transfer money in real time from a mobile device.
Among the first companies to take advantage, are business banking outfit Wise and Tuvoli, a B2B marketplace for private aviation.
Arjun Thyagarajan, CEO, Wise, says: “With this new push and pull from debit card functionality we are giving our customers the ability to fund their accounts and begin leveraging Wise’s tools and services in real time, so they don’t have to wait days or weeks to keep growing their business.”