New disbursement solutions and wider global reach enhance customer experience in increasingly prevalent sharing economy
CINCINNATI and LONDON, Oct. 12, 2018 – Worldpay, Inc., a global leader in payments, has announced the launch of new dynamic payout solutions that give multi-national eCommerce businesses more choices to disburse funds to partners and customers – quickly, easily and across country borders.
Worldpay’s dynamic payout solutions combine the enhanced Worldpay Bankout solution, which now delivers 154 direct bank disbursement destinations (up from 65), and Worldpay FastAccess – enabled by Visa Direct[2].
With these versatile payout options, partners and customers need no longer wait for days to receive funds or refunds as they now can obtain them via card in near real-time – through mobile wallet or directly to a local bank account.
Bankout is an ideal solution for businesses needing to make a large number of global payments to – or on behalf of – their customers and suppliers. With 89 new local markets, Worldpay now provides seamless cross-border payouts for businesses in local currencies without the expense of making multiple international bank transfers.
Dynamic payouts allow businesses to make faster, seamless card-based payouts in near-real time within a maximum of 30 minutes[3]. Building on its launch in the United States last year[4], FastAccess is now available to Worldpay customers in over 50 new markets across Europe and Asia.
A wide-range of industries benefit from these new flexible payout solutions. For example, travel and tourism companies and marketplaces can pay out funds to accommodation vendors or disbursements to travellers in a variety of countries and currencies; gaming businesses can provide near-instant payouts to customers; insurance companies can save costs by replacing local checks with bank transfers; and marketplaces can allow independent sellers to retrieve funds more quickly.
Shane Happach, executive vice president, Head of Global Enterprise eCommerce at Worldpay, Inc., said: “As more and more companies send payments at lower values, cross-border, it will become a competitive differentiator to send quicker payouts to consumers and inexpensive disbursements to vendors and suppliers. It is estimated that by 2025, the sharing economy will generate Europe-wide revenues worth over €80bn and facilitate nearly €570bn of transactions[5]. At the heart are seamless, transparent, secure payouts, which can be made via card, mobile wallet or bank transfer in any currency, anywhere in the world.”
About Worldpay
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global integrated omni-commerce. With industry-leading scale and an unmatched integrated technology platform, Worldpay offers clients a comprehensive suite of products and services globally, delivered through a single provider.
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company’s growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc. trades on the New York Stock Exchange as “WP” and the London Stock Exchange as “WPY.” Visit us at https://www.worldpay.com/global/
[2] Visa’s global real-time push payments platform that allows companies to leverage Visa’s global reach and scale to transform payments for businesses and consumers.
[3] Actual fund availability varies by financial institution. Visa in Europe has announced a mandate that requires card issuers to enable real-time payments by October 2018.
[4] U.S. press release
For more information, please contact:
Worldpay
Emily Lahey
[email protected]
+44 (0)2036645663
