BBVA’s banking as a service platform launches real time payments
- BBVA's banking as a service clients now have access to real time payments.
- Open Platform's new capabilities are powered by Visa Direct.
BBVA's banking as a service offering in the U.S., Open Platform has launched a real-time payments service.
What's going on: BBVA's Open Platform uses APIs to let firms build their own financial products without having to get a banking license.
- This latest feature gives BBVA clients the option to offer frictionless, real-time payments to and from eligible debit cards.
- The API 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 allows enterprises to transfer money in real time from a mobile device.
- Additional resources: BBVA — The BaaS willing to collaborate; On Open Platform, BBVA's banking as a service offering
BBVA's Open Platform's real time payments are based on Visa Direct, the payments company's push payments offering.
- Visa Direct had over 30 use cases enabled and crossed 2 billion transactions running across the network on an annual basis at the end of 2019.
Some of the first companies to launch real time payments on the BBVA open banking platform are business bank Wise and Tuvoli, a B2B marketplace for private aviation.
- Wise uses real time payments to give its customers the ability to fund their accounts and onboard to Wise’s tools and services in real time, without waiting days or weeks to keep growing their business.
- Tuvoli enables the companies in its ecosystem to make end-to-end payments, 24 hours a day, 365 days of the year.
"BBVA Open Platform has always been committed to the democratization of financial services, and the Move Money API is a prime example of that philosophy," said Susan French, svp, head of product and client pperations at BBVA Open Platform.
"We’re proud to partner with Visa Direct to add even more features and flexibility for the businesses who use our services."