.Nurphoto|Nurphoto|Getty ImagesVisa said it considers to launch a devoted company for bank transmissions, bypassing credit cards and also the typical straight money process.Visa, which together with Mastercard is just one of the world's most extensive memory card systems, stated Thursday it organizes to launch a specialized solution for account-to-account (A2A) payments in Europe next year.Users will definitely be able set up direct money u00e2 $ " transactions that take funds straight coming from your savings account u00e2 $ " u00c2 on merchants' shopping establishments with just a few clicks.Visa stated individuals will certainly be able to track these remittances more effortlessly as well as increase any type of concerns by hitting a switch in their financial app, giving them an identical amount of security to when they use their cards.The solution must help individuals manage troubles like unauthorized auto-renewals of subscriptions, by creating it simpler for folks to reverse direct debit transactions and also acquire their refund, Visa claimed. It won't at first apply its own A2A service to points like television streaming companies, gym memberships as well as food packages, Visa incorporated, but this is prepared for the future.The product are going to at first launch in the U.K. in early 2025, with subsequent releases in the Nordic location and also elsewhere in Europe later on in 2025. u00c2 Direct money headachesThe concern presently is that when an individual puts together a remittance for points like utility bills or child care, they need to complete a straight debit form.But this delivers customers little management, as they need to share their financial institution information as well as personal relevant information, which isn't secure, and also have limited command over the payment amount.The open financial action is motivating consumers to ask that possesses their banking dataStatic straight debits, as an example, call for advance notice of any kind of changes to the amount taken, implying you have to either call off the direct debit and also put together a brand-new one or even accomplish a one-off transfer.With Visa A2A, customers will certainly manage to set up changeable persisting settlements (VRP), a brand-new sort of repayment that makes it possible for individuals to create and deal with persisting remittances of varying amounts." Our experts would like to deliver pay-by-bank strategies right into the 21st century and also offer individuals option, satisfaction and also a digital expertise they understand and also like," Mandy Sheep, Visa's dealing with supervisor for the U.K. as well as Ireland, mentioned in a statement Thursday." That's why our company are actually collaborating along with UK financial institutions as well as open banking gamers, bringing our modern technology and years of knowledge in the repayments card market to generate an open device for A2A settlements to grow." Visa's A2A item depends on a modern technology called available banking, which demands finance companies to supply 3rd party fintechs along with access to consumer banking data.Open financial has gained popularity over the years, especially in Europe, with the help of regulatory reforms to the financial system.The modern technology has enabled brand new settlement services that can easily link directly to individuals' financial account and accredit settlements on their account u00e2 $ " u00c2 gave they have actually obtained permission.In 2021, Visa got Tink, an open financial service, for 1.8 billion euros ($ 2 billion). The bargain came on the heels of a deserted proposal coming from Visa to acquire contending open financial firm Plaid.Visa's buyout of Tink was actually deemed a method for it to prosper of the hazard from surfacing fintechs building items that allow individuals u00e2 $ " u00c2 as well as vendors u00e2 $ " u00c2 to prevent paying its card purchase fees.Merchants possess lengthy bemoaned Visa and Mastercard's credit score and money memory card charges, indicting the business of pumping up supposed variation expenses as well as stopping all of them from directing people to cheaper alternatives.In March, the two companies reached a famous $30 billion negotiation to decrease their variation expenses u00e2 $" u00c2 which are secured of a merchant's financial account when a buyer uses their memory card to purchase something.Visa really did not discuss information on just how it will monetize its own A2A solution. Through providing business the choice to get around cards for remittances, there is actually a threat that Visa might potentially cannibalize its own memory card business.For its own component, Visa informed CNBC it is and also always has been actually focused on allowing the greatest means for people to pay out and earn, whether that's by means of a card or non-card transaction.