Visa (NYSE: V) has partnered strategically with South Korean fintech company SentBe to launch Visa Direct, a real-time international money transfer service.
SentBe is the third South Korean participant in Visa’s Fintech Fast Track program, launched in 2020 to support the development of innovative digital payment solutions and global competition.
Founded in 2015, SentBe specializes in foreign exchange and offers fast, low-fee international money transfers and payments.
The company is unique in South Korea for having an in-house legal and compliance (L&C) organization to manage foreign exchange risk.
SentBe’s proprietary Automated Foreign Exchange Hedging System (AHS) reduces the potential risk of currency fluctuations when sending money.
The partnership will enable real-time, low-fee international money transfers through Visa Direct, requiring only the recipient’s card number.
SentBe will also offer Visa cards as a new acceptance option for customers outside of South Korea. Following the launch later this year, SentBe plans to expand to Singapore and other countries.
Visa and SentBe are also developing a prepaid foreign currency card that can be loaded and used in multiple currencies.
The card will take advantage of SentBe’s low fees and preferential exchange rates and will be accepted at all international Visa merchant locations.
Visa Direct is available in over 190 countries and has processed over 5.9 billion transactions.
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