Peoples Payment Solutions, in working with TELUS Health and Payment Solutions, will be among the first companies in Canada to leverage the Visa Developer Platform. They will use Visa Direct APIs, a business-to-business (B2B) and business-to-consumer (B2C) solution to better serve their customers with quick, simple and secure payments.
“Time to move money was very in demand from our customers; to be able to get money to and from people faster than traditional methods. We wanted to bring to market a fast funds product to the Canadian region,” said Howard Klein, President at Peoples Payment Solutions.
“When the opportunity came that we could integrate directly with the Visa Developer Platform, we felt that was our quickest path to get our products to market and it turned out to be the case. The Visa Direct API allowed us to bring to market a very compelling product in a very short period of time,” said Klein.
Once in market, Peoples Payment Solutions and TELUS Health’s Health Benefits Management platform, powered by Visa Developer, will enable push payments directly into a customer’s Visa debit account in real-time. This will significantly speed up funds disbursements for patients who are, for example, submitting benefits claims from healthcare professionals, shortening it to instant reimbursement versus waiting several days to a week for payout.
“Working with innovative companies like Visa and Peoples Payment Solutions allows us to lead the way in providing an even better, faster benefit claims experience for our insurance partners and ultimately, plan members,” said Luc Vilandré, Vice President and Chief Operating Officer, TELUS Health and Payment Solutions. “Leveraging the power of real-time technology to disburse funds instantly is far more efficient for patients and removes an unnecessary layer of complexity, enhancing the overall benefits experience.”
“We are first in Canada to bring the Visa Direct solution directly to fintechs, SMBs, and enterprise customers. Working in conjunction with technology leaders, like Visa and TELUS Health, we can now offer a comprehensive set of APIs that enable businesses to send real-time payments to Visa debit cards in Canada," said Howard Klein, President at Peoples Payment Solutions. "We are seeing continued innovation in the payments landscape, and at Peoples Payment Solutions, we are demonstrating our ability to lead with emerging technology.”
Visa Direct transforms payments by creating a convenient and frictionless way to send and receive money, regardless of borders or location. The Visa Direct platform is already available in more than 200 markets around the world, and enables a range of real-time payment use cases backed by the security and scale of Visa’s global payment network, including:
Business-to-business: enabling businesses to pay freelancers, contractors, and other small businesses – in real time.
Business-to-consumer: enabling businesses to send almost any kind of payment directly to a bank account – such as insurance payouts and real-time merchant settlement.
Person-to-person: enabling consumers to pay each other quickly, conveniently, and securely, often through their connected devices – such as when splitting bills or giving gifts.