Leap Financial, a leading digital remittance company, announced its collaboration with Visa, a global leader in digital payments, to integrate Visa Direct, a global money movement solution, into Leap’s white label digital remittances platform.
This partnership aims to streamline the direct delivery of funds to eligible cards, bank accounts, and digital wallets worldwide, enhancing the efficiency and security of cross-border remittances.
By leveraging Visa Direct, Leap Financial will enable financial and non-financial institutions to offer seamless cross-border remittances without the complexities associated with cash transactions. This collaboration will initially focus on the US and Latin America (LAC) markets, addressing the escalating demand for efficient cross-border money transfers within the USD 64 billion US-Latin America corridor1.
Lionel Carrasco, CEO of Leap Financial, explained: “From our research, traditional money transmitters charge around 6% in remittance fees due to outdated processes and multiple intermediaries. With advanced technology, Leap reduces this cost to under 1%, streamlining remittance flows and eliminating inefficiencies. Our collaboration with Visa Direct will further enhance our ability to provide faster, more secure transactions, enabling our partners to offer competitive pricing and direct more funds to recipients.”
Leap Financial’s platform works with federal banks to originate remittances via embeddable solutions, allowing remitters to pay digitally and deliver money to cards and wallets in real-time. This process offers full know-your-customer (KYC) and anti-money laundering (AML) traceability, creating cost efficiencies and enhancing AML controls for maximum compliance without friction.
To further strengthen their technology stack and enhance the adoption of their solutions, Leap recently introduced Lola, an AI-powered ‘Transactional AI Agent’. Lola is designed to deliver seamless cross-border payment services and provides instant assistance through widely used platforms such as WhatsApp and Telegram, leveraging instant messaging and voice interactions for accessibility and convenience.
According to Leap’s Insight Team, there will be a 40% global decline in cash usage by 2025, driven by the widespread adoption of Unified Payments Interface (UPI) and digital wallets. This shift underscores the importance of digital remittance solutions in fostering financial inclusion and maximizing the impact of each remittance.
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