Visa Partners with Square to Deliver Instant Transfers to Canadian Businesses

Visa, one of the world's leaders in digital payments, has announced its participation in the Canadian expansion of instant transfers, Square's solution for rapid merchant settlement.

Square's instant transfers are enabled by Visa Direct, a VisaNet processing capability helping transform global money movement and enables real-time funds delivery directly to financial accounts using eligible card credentials.

Square's instant transfers allow businesses to access their funds quicker than the next business day, typically the current default setting for Canadian businesses. With instant transfers, Square merchants can link an eligible debit card and start transferring funds instantly to an external bank account with the click of a button.

"Cash flow management and more immediate access to funds is critical for small businesses to survive and thrive in a rapidly evolving payments ecosystem," said Jim Filice, VP and Head of New Payments, Visa Canada. "Together with Square, we're committed to supporting Canadian small businesses and helping to identify solutions that can benefit them by delivering fast, reliable and secure access to funds."

"Swift and secure access to money is as important for small businesses as it is to consumers," said Christina Riechers, Head of Product, Business Banking Team at Square. "In a changing and increasingly digitized payments landscape, businesses should be able to access their money as soon as they make a sale, and we're proud to bring that experience to sellers across Canada in collaboration with Visa."