CIBC expands payment capabilities with Visa Direct

Canadian Imperial Bank of Commerce (CIBC) has announced that it is expanding its Global Money transfer capabilities for the CIBC personal and business banking clients with Visa Direct which would enable money transfer in real-time directly to all Visa debit and credit cards.

Clients using this would be able to send funds to more than 80 nations under the expanded CIBC Global Money Transfer (GMT) capabilities using Visa Direct to debit cards in real-time and credit cards in 48 hours with no transfer fees. The client only needs the recipient’s Visa debit and credit card number, the recipient name and the address.

“At CIBC we want to make it easier, faster and affordable for clients to send money abroad when they need to,” said Diane Ferri, Senior Vice President, Cards, CIBC. “The CIBC Global Money Transfer payment option through Visa Direct offers our clients greater flexibility to send funds around the world.”

In an email reply to Commercial Payments International, CIBC noted that while there are no transfer fees associated with using the CIBC Global Money Transfer (GMT) the recipient’s bank may charge a fee, even though CIBC does not.

In Canada over this year, Moneris teamed up with Visa to streamline B2B payments while Payments Canada launched Lynx in the region. At the start of the year, Pelican teamed up with Banking Labs to bring AI-based payments to Canada.

CIBC Global Money Transfer is powered by the foreign exchange expertise and technology of CIBC Capital Markets and the press note states that this collaboration with Visa comes at the time when client demand for digital and contactless banking options continues to grow, a shift that has accelerated through the pandemic.

CIBC is a North American financial institution that works with personal banking, business, corporates and other institutional clients.