Benefit, the operator of the national electronic fund transfer system (EFTS), will collaborate with digital payments leader Visa to develop a market-based Peer-to-Peer (P2P) transfer system that supports worldwide transactions.
The two are also exploring International Bank Account Number (IBAN) tokenisation solutions.
The announcement follows the signing of an MoU between the two with Visa committing to supporting Benefit’s five-year strategy.
As the operator of the national e-wallet, BenefitPay, the company plans to develop innovative services and advancements enabling customers to access smooth, secure and reliable digital financial services.
The partners expect the relationship will foster greater client engagement and usage, empowering BenefitPay to create a pivotal shift in the fintech arena.