#USA #Miami #Visa #Digital Payments #Leap Financial

Leap Financial and Visa Partner to Innovate Remittance Solutions

In a significant development within the financial technology sector, Leap Financial, a prominent player in the digital remittance landscape, has announced a collaboration with Visa, a renowned leader in digital payment services. This partnership aims to integrate Visa Direct, a cutting-edge global money movement solution, into Leap's existing white-label remittance platform. The primary objective is to enhance the efficiency and security of international money transfers, making it easier for clients around the globe to send and receive funds.

Streamlining Cross-Border Transactions

The collaboration between Leap Financial and Visa focuses on addressing significant challenges associated with traditional remittance methods. By leveraging the capabilities of Visa Direct, the joint effort seeks to facilitate the direct delivery of funds to eligible cards, bank accounts, and digital wallets worldwide. This integration is set to particularly benefit the US and Latin America (LAC) markets, which are currently experiencing a rising demand for effective cross-border money transfers.

Lionel Carrasco, CEO of Leap Financial, elaborated on the potential benefits, stating, "Traditional money transmitters typically charge remittance fees upwards of 6% due to outdated processes involving multiple intermediaries. With our advanced technology, we aim to reduce these costs to less than 1% while streamlining remittance flows and removing inefficiencies. Our partnership with Visa Direct will further boost our ability to provide swift and secure transactions, empowering our partners to offer competitive pricing and ensure that more money reaches the intended recipients."

Enhanced Security and Compliance

Leap Financial's platform allows for collaboration with federal banks to initiate remittances through embeddable solutions. This innovative approach enables remitters to digitally send money and deliver it to cards and wallets in real-time. Additionally, the platform provides full know-your-customer (KYC) and anti-money laundering (AML) traceability, streamlining compliance processes without friction, thus enhancing security for all users involved.

To further upgrade their technology and promote the adoption of their services, Leap Financial recently launched Lola, an AI-powered 'Transactional AI Agent'. This innovative solution is designed to provide seamless cross-border payment services and instant customer support via popular platforms like WhatsApp and Telegram, offering users a convenient and accessible experience through instant messaging and voice interactions.

The Future of Digital Remittances

According to insights from Leap's research team, a notable trend is emerging in consumer payment behavior; there is projected to be a 40% global decline in cash usage by 2025. This shift is largely driven by the rise of Unified Payments Interface (UPI) and digital wallets. Such a transformation underscores the increasing need for digital remittance solutions that promote financial inclusivity while maximizing the impact of each transaction across borders.

About Leap Financial

Leap Financial stands at the forefront of integrating financial technology with transactional AI. Their mission is to redefine the movement of money, offering businesses the ability to enhance value for end-users through instant domestic and cross-border payments, transactional AI agents, and co-branded banking solutions. By fostering inclusivity and innovation, Leap Financial aims to help organizations leap forward in a rapidly evolving financial environment.

To learn more about Leap Financial and their suite of services, visit leapfinancial.com.