Visa partners with Meghna Bank to launch Visa Direct for Account

Visa has entered into a partnership with Meghna Bank PLC to launch Visa Direct for Account in Bangladesh. 

This first-of-its-kind partnership in the country introduces an innovative outward remittance channel to facilitate faster and cost-effective payments to eligible bank accounts globally.

Visa Direct for Account offers an API-based solution designed to enable secure, efficient, and seamless payment processing, which aligns with Visa's commitment to enhancing customer experience and expanding cross-border payment capabilities. With speed, convenience, trust and safety, this will address significant challenges such as missed tuition fee deadlines for students and expensive and delayed payments for medical and travel purposes. Visa Direct for Account will simplify payment processes, reduce transaction costs by minimizing intermediary deductions, and enhance efficiency. Banks offering Visa Direct for Account can benefit from a broadened customer base and strengthened market position, leveraging improved foreign exchange capabilities.

The agreement was signed on May 28. The signing ceremony was attended by senior officials from both organisations. From Visa, Sabbir Ahmed, country manager, Bangladesh, Nepal & Bhutan graced the event with his presence. Meghna Bank PLC was represented by Kazi Ahsan Khalil, managing director, and other officials.

Speaking at the event, Sabbir Ahmed said, "We are very pleased to partner with Meghna Bank PLC for the upcoming launch of Visa Direct for Account. This association represents our joint commitment to enabling efficient and secure digital payments for consumers in Bangladesh. We aim to deliver superior value to the Bank's customers by leveraging Visa's worldwide network and superior payments solutions, and reiterate our goal of enabling a more efficient, inclusive financial ecosystem in Bangladesh."

Kazi Ahsan Khalil further added, "We are excited to partner with Visa, the leader in digital payments, to introduce Visa Direct for Account to our retail consumers. This collaboration will enable us to provide more efficient and innovative payment solutions, aligning with our mission to enhance financial accessibility and convenience."