.Nurphoto|Nurphoto|Getty ImagesVisa claimed it intends to launch a devoted service for financial institution transmissions, bypassing bank card and the traditional direct money process.Visa, which along with Mastercard is one of the world's largest memory card networks, mentioned Thursday it considers to launch a specialized solution for account-to-account (A2A) repayments in Europe next year.Users will be able established straight money u00e2 $ " purchases that take funds directly from your bank account u00e2 $ " u00c2 on sellers' shopping shops with merely a couple of clicks.Visa mentioned customers will have the capacity to keep track of these payments more simply as well as rear any kind of problems through hitting a button in their financial app, providing a comparable level of protection to when they utilize their cards.The solution need to aid individuals handle issues like unapproved auto-renewals of registrations, by making it easier for folks to turn around direct debit transactions and also receive their refund, Visa mentioned. It will not originally apply its A2A solution to points like television streaming solutions, gym memberships as well as food boxes, Visa included, however this is prepared for the future.The product are going to originally launch in the U.K. in early 2025, with subsequent releases in the Nordic area and also somewhere else in Europe later on in 2025. u00c2 Direct money headachesThe complication presently is that when a consumer puts together a remittance for factors like power costs or even childcare, they need to have to fill out a straight debit form.But this supplies customers little command, as they must share their bank particulars and also personal information, which isn't get, as well as have actually restricted control over the remittance amount.The available banking movement is actually uplifting individuals to ask who owns their financial dataStatic direct money, as an example, require allowance notice of any kind of changes to the volume taken, implying you need to either cancel the direct debit and set up a brand-new one or even accomplish a one-off transfer.With Visa A2A, individuals will certainly have the capacity to set up variable persisting remittances (VRP), a brand-new kind of repayment that allows individuals to create and manage persisting payments of differing volumes." Our company intend to carry pay-by-bank techniques right into the 21st century as well as give consumers option, satisfaction and a digital experience they understand as well as love," Mandy Lamb, Visa's managing director for the U.K. as well as Ireland, stated in a declaration Thursday." That's why we are actually working together along with UK financial institutions and also available banking gamers, bringing our innovation as well as years of knowledge in the payments memory card market to create an open device for A2A payments to thrive." Visa's A2A product relies upon a modern technology phoned available banking, which demands finance companies to offer third-party fintechs along with access to consumer financial data.Open banking has actually obtained level of popularity throughout the years, especially in Europe, due to governing reforms to the financial system.The modern technology has made it possible for brand-new settlement companies that can easily connect straight to individuals' bank accounts and also accredit settlements on their behalf u00e2 $ " u00c2 gave they have actually obtained permission.In 2021, Visa obtained Tink, an available banking service, for 1.8 billion europeans ($ 2 billion). The deal began the heels of a left bid coming from Visa to buy competing available banking firm Plaid.Visa's acquistion of Tink was viewed as a means for it to prosper of the hazard coming from arising fintechs developing items that enable buyers u00e2 $ " u00c2 and also companies u00e2 $ " u00c2 to stay away from spending its own card deal fees.Merchants possess lengthy complained Visa as well as Mastercard's credit scores as well as money memory card costs, implicating the business of inflating alleged variation fees and banning them coming from routing people to less costly alternatives.In March, the two firms reached a historic $30 billion settlement to minimize their variation fees u00e2 $" u00c2 which are gotten of a business's financial account when a consumer uses their memory card to purchase something.Visa failed to share details on just how it will monetize its own A2A solution. By giving business the choice to get around memory cards for remittances, there is actually a danger that Visa could likely cannibalize its very own memory card business.For its component, Visa said to CNBC it is actually and also always has actually been actually focused on making it possible for the best techniques for folks to spend as well as make money, whether that's by means of a card or even non-card purchase.