BRAC Bank, Visa partnership to launch ‘Visa Direct for Account’ for remittances

BRAC Bank has entered into a strategic partnership with Visa, a global leader in digital payment solutions, to introduce "Visa Direct for Account", a faster, more reliable, and cost-effective solution for outward international money transfers.

Md Shaheen Iqbal, deputy managing director and head of treasury and financial institutions at the bank, and Sabbir Ahmed, country manager for Bangladesh, Nepal and Bhutan at Visa, signed the agreement in Dhaka recently, according to a press release.

Commenting on the initiative, Iqbal said, "This partnership underscores BRAC Bank's strong commitment to enhancing customer experience and driving innovation in financial services."

"We are redefining global money transfers, making them more accessible, affordable, and secure for our valued customers. It marks a significant step towards modernising Bangladesh's outward remittance ecosystem," he added.

Sabbir Ahmed added: "By simplifying global money movement, this solution provides tangible benefits from lower transaction fees to near real-time transfers."

"It is a significant advancement in modernising Bangladesh's cross-border payment infrastructure and expanding access to digital financial tools for both individuals and businesses," he further said.

As an API-based solution, Visa Direct for Account facilitates secure, efficient, and near-instant global payments. Compared to conventional methods, transactions via this platform are notably faster and more cost-effective due to its streamlined processing framework.

By leveraging Visa's expansive partner network and 24/7 customer support, BRAC Bank customers can now access Visa Direct for Account for approved outward remittance purposes, including visa fee payments, overseas education expenses, and medical travel.

Shahrear Zamil, head of remittance and probashi banking at the bank, was also present at the signing, along with senior representatives from both organisations.