Building an in app fund transfer

[visanewbie]

I am working on a stock trading application. When a user wants to buy a stock, first they need to transfer funds from their bank account to my company's account - once the fund is cleared, their account will show a credit, then they can buy the stock. The user must also be able to transfer funds directly back to their bank accounts.

What I am struggling with is the mechanism/technology that is required for the transfer of funds. I am new to the payments industry and I have been doing some reading, but I'm still not entirely clear.  If i use a payment gateway, I believe this will be very expensive given the fees involved, are there any other potential solutions that can be considered?

[SLi]

Hi @visanewbie,

Visa Direct enables the transfer of funds to eligible accounts. In order to use Visa Direct, all Visa Direct programs require the originator to be a licensed Visa acquirer or be sponsored by a licensed Visa acquirer who is ready and able to sponsor Visa Direct programs. 

Please refer to Visa Direct documentation below for details on the Visa Direct program requirements and eligibility. In particular, see the top few paragraphs that are shaded that discuss the requirements to use Visa Direct.

https://developer.visa.com/capabilities/visa_direct/docs

Depending on your use case and eligibility, you might be able to use Visa Direct or need to work with a partner to participate in the Visa Direct program.

Please feel free to contact developer@visa.com with further questions.

[visanewbie]

Hi @SLi 

Thank you very much for your response.  I have a few follow on question - i hope you don't mind

a) Can you please explain what you mean by "eligible accounts"? Can a client use  card that is issued by Mastercard for example?

b)  Do you have a list somewhere of licensed Visa acquirers who are ready and able to sponsor Visa Direct programs?

c) Must the license Visa acquirer be in a specific location - for example, suppose I'm developing the app for West African clients with banks based in West Africa, can I use a license Visa acquirer based anywhere?

d) Does Visa provide introductory services for new startups to their licensed acquirers for partnerships?

Apologies for the many questions, but this will really go a long way in helping us resolve so many outstanding issues.

Thanks,

FM

[SLi · Accepted solution]

Hi @visanewbie,

These are great questions. 

a) Visa Direct enables funds transfer to Visa accounts only.

b) We generally do not have a list of acquirers that we can provide you. Please check out some of these solution providers that might be able to help: https://usa.visa.com/run-your-business/visa-direct/find-a-partner.html

c) and d) Please email these to developer@visa.com and we'll loop in the region support team to assist further. In the email, please provide the following information:

1. What is the use case that you are considering Visa Direct for?
2. What countries will you be using Visa Direct for?
3. Are you a merchant, acquirer, issuer, or processor?