The agreement leverages Visa’s digital payment network, Visa Direct, to allow Dash customers to send real-time1 payments to billions of eligible cards, bank accounts, and digital wallets.
“At Dash Solutions, we understand that flexibility and choice are paramount in today’s payment landscape,” said Stephen Faust, CEO of Dash Solutions. “Our collaboration with Visa Direct empowers us to offer an unparalleled disbursement experience through our SpendIT SendIT offering. This means businesses can tailor solutions to their specific needs, ensuring every payout is as efficient and user-friendly as possible.”
The combination of Visa-branded digital cards and Visa Direct for the Dash Solutions payment suite creates new opportunities for customers in healthcare, insurance, and more. Configurable solutions are core to Dash Solutions’ strategic vision for real-time payments.
“Dash’s integration with Visa Direct is a game-changer,” said Maggie O’Toole, SVP of Product Strategy and Partnerships at Dash Solutions. “It’s not just about faster payments – it’s about giving consumers the power and flexibility to manage their money on their own terms. This allows us to redefine the payment experience, putting control and convenience directly into the hands of the consumer.”
While 82% of healthcare providers still issue patient refunds via paper check, some leading healthcare organizations are now beginning to embrace digital solutions. For example, a leading healthcare provider that had only disbursed patient refunds via check can now digitize these payouts in near real-time, helping the healthcare organization facilitate the digital experience end users expect and enhancing the refund experience by allowing these customers to access issued refund payments in minutes.
With these funds, the end-user can immediately make purchases online or in-store using their Dash Visa card or effortlessly transfer them to their preferred accounts. The healthcare company itself has also benefited by reducing costs by eliminating paper and optimizing payment flows.
“Consumers expect a frictionless money movement experience”, said Jim Filice, VP, North American Money Movement at Visa. “We are thrilled to be working with Dash Solutions to deliver real-time1 payments with Visa Direct that empower end-users with financial flexibility.”
This announcement follows Dash Solutions’ strategic acquisition of KyckGlobal last year, which brought direct integrations with major payment networks, including Visa Direct, into the Dash Solutions platform. Dash Solutions’ ownership of the KyckGlobal platform eliminates the need for additional third-party processors, resulting in customer cost savings and streamlined operations.
Dash Solutions also recently announced it had achieved more than $50 billion in total payments volume, a doubling of its disbursements segment, and a 20% increase in headcount in 2023, as well as revenue growth of 10x over five years.
SOURCE: Businesswire