Astra and Visa Partner to Enable Faster Funding for New Accounts

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With Astra, consumers can fund a new debit card in real-time, easily transferring funds from an existing debit card through Visa Direct.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, August 9, 2022
Information
Tags: 
VoIP, Banking, Mobile, Wireless, Networks, Professional Services, Online Retail, Internet, Data Management, Payments, Consumer Electronics, Technology, Security, Retail, API, CEO, Technology, SVP, Compliance, ACH, Automation, Â, Visa, Financial services, Bank, Direct
Geotags: 
CALIFORNIA, UNITED STATES, NORTH AMERICA, SAN FRANCISCO, ASTRA
Summary
Key Points: 
  • With Astra, consumers can fund a new debit card in real-time, easily transferring funds from an existing debit card through Visa Direct.
  • Accelerating funds availability can lead to a smoother consumer onboarding experience, and the ability to start monetizing card transactions faster.
  • Every fintech product is faced with the challenge of providing faster account funding options for their users, said Gil Akos, CEO of Astra.
  • Visa Direct empowers Astras clients to deliver money in real-time3, providing end-users with a fast option for moving funds between accounts.


Astra, a leading provider of instant card-to-card funding as a service in the U.S.1, today announced it is using Visa Direct2 – Visa’s real-time3 payments service – to provide fast payments to millions of its end-users who can fund cards, wallets, and other accounts with their eligible debit cards.

Astra offers a payments platform that allows developers to quickly and safely add transfer functionality to their existing applications in as little as a week of development time. Built for scale and leveraging automation, the Astra Platform is integrated via API and allows builders to add payment functionality to their applications without the need for handling additional compliance, capital commitments, or operational costs.

The onboarding experience for a new user of a neo-banking or marketplace application is critical and only lasts a few moments. In many cases, funding a new bank account or wallet includes waiting multiple days for an ACH transfer to clear before the associated debit card can be used. With Astra, consumers can fund a new debit card in real-time, easily transferring funds from an existing debit card through Visa Direct. This technology enables fintech products to help consumers move their funds to the desired account in real-time3, 24 hours a day, 365 days a year. Accelerating funds availability can lead to a smoother consumer onboarding experience, and the ability to start monetizing card transactions faster.

“Every consumer and business knows the value of time to money intimately. Every fintech product is faced with the challenge of providing faster account funding options for their users,” said Gil Akos, CEO of Astra. “Through our collaboration with Visa, we can provide fast payments for me-to-me and peer-to-peer transactions. An easy integration for advanced payments through Visa Direct via Astra’s API will enable a world of new innovations for banking, investing, and marketplace products.”

“In a world where consumers expect to move money quickly and conveniently, fintechs and neo-banks must enhance their payment options to meet these new demands,” said Yanilsa Gonzalez-Ore, SVP, North America Head of Visa Direct. “Visa Direct empowers Astra’s clients to deliver money in real-time3, providing end-users with a fast option for moving funds between accounts.”

1 Users can effortlessly execute an instantaneous card to card transfer, just as they would with an ACH transfer

2 Visa Direct capability enabled through Astra’s financial institution partner

3 Actual fund availability depends on receiving financial institution and region

ABOUT ASTRA, INC.

Astra is a leading provider of advanced bank-to-bank transfer technology for financial institutions, fintech startups, and enterprises. With headquarters in San Francisco, the company was founded in 2016 by co-founders Gil Akos and Sam Morgan. Astra’s proprietary, vertically integrated API allows developers to easily embed financial automation within their existing products. For more information, visit https://astra.finance/.

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Copyright Business Wire 2022