Multinational payment card services corporation Visa has announced its plans to apply its infrastructure, technology, and features to A2A payments and provide consumers with more control and safety. In a bid to equip consumers with increased protection on how they pay through bank transfers, Visa is set to apply its infrastructure, technology, and capabilities to account-to-account (A2A) payments.

Expected to be introduced in early 2025 in the UK, Visa A2A aims to deliver consumers a smarter, digital user experience, optimised security features, and a convenient dispute resolution service. Through the dispute resolution feature, Visa intends to substantially upgrade the current pay-by-bank experience, focusing on supporting individuals in getting their funds back if an error happens. Furthermore, Visa, which has experience in tokenisation, biometrics, and AI-based fraud mitigation techniques, plans to scale control and usability for the benefit of consumers, banks, and businesses. Starting with the beginning of 2025, financial institutions and businesses in the UK are set to be able to provide Visa A2A to consumers conducting bill payments, including utilities, rent, and childcare fees.

Following this, the company aims to assist consumers in optimising how they manage subscriptions of products and services, such as digital streaming, gym memberships, and food boxes. Control and safety through Visa A2A Visa A2A focuses on allowing banks and businesses to provide consumers with more choice and control over how they pay their bills. Among the key features of the new service, Visa mentions: A formal dispute resolution procedure that offers users a reliable method to check transactions, while capabilities such as biometrics deliver scaled security which results in a decrease in unauthorised transactions; Consumers benefit from another option to pay for products and services directly from their bank account; Simplified process for setting up and managing payment permissions so that users can have control over when payments are made.

In addition, they can set limit amounts, so that higher bills cannot put them unexpectedly under financial stress. Moreover, Visa A2A is set to be based on an open system available to all eligible banks and other industry partners to join. The service is being developed in collaboration with several fintech firms operating in the UK, including Banked, Modulr, Moneyhub, Salt Edge, Vyne and Yaspa, and plans to be delivered by industry participants in the region working with Visa.

Visa supporting UK businesses When it comes to enterprises, Visa A2A aims to provide near real-time settlement via Pay.UK’s Faster Payment System, which delivers increased visibility over payments and simplifies cash flow management. Additionally, businesses can also utilise the digital nature of the service, including notifications in case a consumer changes or cancels payment permissions, as well as the ability to include more transaction data for reconciliation. Source: Link .