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Total Economic Impact

The Total Economic Impact™ Of Visa Direct

Cost Savings And Business Benefits Enabled By Visa Direct

A FORRESTER TOTAL ECONOMIC IMPACT STUDY COMMISSIONED BY Visa Direct, FEBRUARY 2026

[CONTENT]
 

Total Economic Impact

The Total Economic Impact™ Of Visa Direct

A FORRESTER TOTAL ECONOMIC IMPACT STUDY COMMISSIONED BY Visa Direct, FEBRUARY 2026

Cost Savings And Business Benefits Enabled By Visa Direct

Forrester Print Hero Background

Table Of Contents

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Executive Summary

Consumers today are accustomed to instant experiences — sending emails in seconds, receiving SMS instantly, and shopping online with just a few clicks. Yet when it comes to moving money, especially across borders, traditional systems often operate like the postal service in the digital age: slow, fragmented, and far from seamless. Globalization has transformed how we live and shop, but transferring funds remains stuck in the past in some markets, unable to match the speed and simplicity of modern consumer payments like contactless payments or one-click checkouts. In today’s world of convenience and immediacy, customer expectations of financial transactions have transformed rapidly, fueling demand for convenient and instant banking solutions and widespread adoption of digital native fintechs. Retail banks face mounting pressure to modernize amid competitive threats from fintechs and complex regulatory demands.

Visa Direct enables a variety of organizations, including financial institutions, payment providers, and businesses, to send and receive funds fast or in real-time1 for various use cases, including cross-border remittances, domestic person-to-person (P2P) and account-to-account (A2A) transfers using push (Original Credit Transaction [OCT]) and pull (Account Funding Transaction [AFT]) transaction mechanisms.2

Visa Direct commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying Visa Direct. This study explores how collaborating with Visa Direct to offer real-time payment capabilities enables banks to improve customer experience and unlock revenue opportunities and operational efficiencies. The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of Visa Direct on their own organizations.

103%

Three-year return on investment (ROI)

 

$3.3M

Net present value (NPV)

 

Forrester interviewed eight decision-makers and surveyed 409 decision-makers at retail banks across Asia Pacific (APAC); Central and Eastern Europe, Middle East, and Africa (CEMEA), Europe, and North America to uncover trends shaping the money movement solutions that these banks offer consumers. Further, to better understand the benefits, costs, and risks associated with the implementation of Visa Direct, Forrester interviewed four decision-makers across three organizations with experience using Visa Direct. For the purposes of this study, Forrester aggregated the experiences of the interviewees and combined the results into a single composite organization, a regional retail bank that processes 80 million domestic transfers and 3 million remittances per year for consumers.

Interviewees said that prior to using Visa Direct, their organizations faced limitations in P2P payments: Domestic real-time transfers had limited reach, while cross-border remittances relied on correspondent banking. After the investment in Visa Direct, the interviewees increased transfer volumes, improved customer retention and loyalty, and realized cost savings from smoother transfer experiences and reduced correspondent banking use for international payments.

Key Findings

Quantified benefits. Three-year, risk-adjusted present value (PV) quantified benefits for the composite organization include:

  • Increased transfer volumes leading to incremental net income worth more than $750,000. The composite offers customers faster, more transparent, and more convenient remittances and broadens reach for domestic P2P transfers. Remittances volumes increase by 7.00% over three years and domestic P2P grows by 2.38% as customers adopt the new capabilities.

  • Improved customer loyalty. The composite attributes a 30% retention rate among Visa Direct users to the service and converts a further 2% to loyal customers, generating incremental profit of more than $2.0 million from customer loyalty.

  • Improved customer experience. The number of customer queries and complaints decreases — by 15% in Year 1 and eventually to 30% by Year 3 — as transfer speed and ease improve, yielding a benefit worth $1.6 million.

  • Reduced reliance on correspondent banking. The composite avoids the operational cost of processing cross-border remittances with correspondent banking and managing correspondent banking relationships. It also frees up liquidity tied up in nostro accounts. This represents a benefit value of $2.2 million.

Unquantified benefits. Benefits that provide value for the composite organization but are not quantified for this study include:

  • Improved transfer transparency. Visa Direct offers visibility and traceability for cross-border transactions. This transparency reduces uncertainty and builds confidence for customers and internal teams.

  • Faster settlement times. The ability to deliver instant transfers enhances customer satisfaction by ensuring timely payments, reducing friction, and improving trust in the service.

  • Enhanced security. Visa Direct leverages Visa network security that can lower fraud risk and compliance issues, resulting in fewer payment rejections related to know your customer or anti-money-laundering requirements.

Costs. Three-year, risk-adjusted PV costs for the composite organization include:

  • Visa Direct transaction fees of $1.7 million. The composite organization processes domestic P2P and cross-border remittances through Visa Direct, with fees varying by transaction type, amount, and foreign exchange requirements.

  • Implementation, expansion, and ongoing management costs of $997,000. These costs cover the time and effort required to implement Visa Direct, subsequent corridor expansions, and ongoing management activities such as operational monitoring, system maintenance, and customer support.

  • Incremental marketing costs of $475,000. The composite organization allocates a portion of incremental revenue to marketing initiatives aimed at driving customer awareness and engagement.

The financial analysis that is based on the interviews found that a composite organization experiences benefits of $6.5 million over three years versus costs of $3.2 million, adding up to a net present value (NPV) of $3.3 million and an ROI of 103%.

Key Statistics

103%

Return on investment (ROI) 

$6.5M

Benefits PV 

$3.3M

Net present value (NPV) 

9 months

Payback 

Benefits (Three-Year)

[CHART DIV CONTAINER]
Increased transfer volumes
Improved customer loyalty
Improved customer experience
Reduced reliance on correspondent banking

Market Overview

The money movement landscape is undergoing rapid transformation as neobanks and fintechs continue to evolve, disrupting the space. As customer expectations rise, traditional retail banks are facing increasing pressure to innovate and improve their offerings to stay competitive. In response, they are developing proprietary solutions in-house while also forging strategic partnerships with external providers to accelerate transformation and deliver greater value.

To explore this opportunity, Visa Direct commissioned Forrester to conduct a comprehensive study involving 409 survey participants and eight in-depth interviews. Respondents were senior decision-makers holding director or above positions across technology, product, strategy, treasury, and risk and compliance at retail banks across North America, APAC, CEMEA, and Europe, representing institutions with assets exceeding $5 billion. See Appendix B for research demographics.

Delivering Smoother, Cost-Efficient Experiences Drives Payment Innovations

Retail banks are seeing notable increases in money movement volumes: 64% of decision-makers reported growth of 6% or more in cross-border remittances and 59% noted similar growth in domestic P2P transfers over the past year. Enhancing customer experience has emerged as the top strategic priority. More than half of respondents (56%) identified it as the primary objective shaping their payments product strategy, surpassing other goals such as revenue growth (10%) and competitive differentiation (3%).

56%

Respondents who say improving customer experience is the top driver of their payments product strategy

“We need to enrich our payments in a way so our experience is good enough and our customers don’t leave us because of those transactions.”

Head of product transformation, retail bank, Europe

Two in five retail banks are actively modernizing their payments infrastructure to stay competitive (44%) and meet rising customer expectations (42%). However, gaps remain in delivering cost-efficient, fast, and transparent payment experiences (see Figure 1):

  • Lower transaction costs. This is a top concern, especially for cross-border transactions. Some 42% of money movement leaders cited lower costs for remittances as a top unmet need, while 29% pointed to domestic transfers.

  • Greater transparency. Consumers increasingly expect visibility of payment status, similar to e-commerce and fintech experiences. Two-fifths of respondents emphasized the need for better payment status tracking.

  • Shorter settlement times. Speed is critical against the backdrop of globalization, mobility, and digital connectivity. Some 38% of leaders identified quicker cross-border remittances as a critical unmet need.

Figure 1

Top Five Unmet Customer Needs In Banks’ P2P Payment Capabilities

[CHART DIV CONTAINER]
Lower cost for cross-border remittances
Better transparency of payments status
Faster cross-border remittances
Enhanced security and fraud protection
Lower cost for domestic transfers

Base: 409 money movement decision-makers at retail banks across North America, APAC, CEMEA, and Europe
Source: A commissioned study conducted by Forrester Consulting on behalf of Visa Direct, August 2025

Costs, Legacy Systems, And Regulatory Hurdles Slow Progress Of Real-Time Money Movement

Respondents from retail banks acknowledged that their current plans are insufficient to keep pace with modern competitors, evolving regulations, and the growing demand for real-time payments. In particular, 39% admitted their organizations are minimally prepared for customers shifting to neobanks and fintech, and a further 24% said they are only moderated prepared.

“We follow [trends] more slowly than neo banks but try to follow all the initiatives and to have products that can compete with them.”

Payment innovations director, retail bank, Europe

Respondents from retail banks working to modernize their payment capabilities face significant operational and strategic obstacles. Whether building in-house or partnering with external providers, institutions must contend with legacy infrastructure, regulatory complexity, and rising customer expectations. These challenges are especially daunting for banks developing real-time payment capabilities internally, where technical and resource constraints slow progress and increase risk (see Figure 2). Key obstacles include:

  • High costs of correspondent banking. Cross-border payments are especially costly. More than half of respondents (51%) pointed to the high cost of these transactions, driven by the involvement of multiple intermediaries.

  • Fraud and compliance complexity. Nearly half of respondents (48%) cited a heightened need to detect and prevent fraud, while 44% pointed to the complexity of meeting multijurisdictional countering the financing of terrorism and AML requirements in real time.

  • Legacy infrastructure limitations. Nearly half of respondents (44%) cited incompatibility between existing infrastructure and real-time payment processing as a key barrier. One of the payment innovations directors mentioned: “Fifty percent to 60% of the projects are delayed by the legacy systems. Our core systems were developed in 1989 or 1990, and every change is complex.”

Figure 2

“Which of the following barriers hinders your bank’s ability to improve its payment solutions?”

[CHART DIV CONTAINER]
High cost of cross-border payments due to multiple intermediareies
Heightened requirement to detect and prevent fraud
Complexity of meeting multijurisdictional AML/CFT requirements in real time
Incompatibility of legacy systems and real-time payments processing
Limited transparency afforded by correspondent banking
Complex liquidity management for real-time cross-border remittances
Lack of interoperability between domestic real-time payments systems and cross-border systems
Slow adoption of global payments standards among coutnerparts

Base: 409 money movement decision-makers at retail banks across North America, APAC, CEMEA, and Europe
Source: A commissioned study conducted by Forrester Consulting on behalf of Visa Direct, August 2025

Additional pricing, technical expertise, and security hurdles challenge those implementing real-time payment solutions. More than three in five respondents identified pricing considerations as a major barrier (63%), closely followed by a lack of technical expertise (62%), and meeting stringent security requirements (56%).

These challenges create tangible business impact, with customer churn (61%), dissatisfaction (59%), and cost inefficiency (58%) ranking among the most significant consequences of payment-related issues (see Figure 3).

Figure 3

“What impacts do payment-related challenges have on your bank?”

[CHART DIV CONTAINER]
Increased customer churn
Decreased customer satisfaction
Inability to reduce operational costs
High cost of maintaining correspondent banking connections
Time to market of payments innovations
Decline in transaction reveneues
Loss of market share

Base: 409 money movement decision-makers at retail banks across North America, APAC, CEMEA, and Europe
Source: A commissioned study conducted by Forrester Consulting on behalf of Visa Direct, August 2025

Investments In Real-Time Payment Capabilities Are Growing

Retail banks are expanding their payment ecosystems and partnerships, launching new payment capabilities. Survey revealed that banks have built strong foundations in P2P, A2A, and cross-border remittances. Looking ahead, they will be growing investments in card-based and loyalty payout solutions (see Figure 4).

Strategic priorities for the next 12 months reflect a clear shift toward ecosystem integration, customer experience enhancement, and innovation through partnerships and proprietary development:

  • Expanding payment ecosystems. The top strategic action cited by 68% of respondents is the expansion of payment ecosystems. Banks recognize that future competitiveness depends on offering seamless, interconnected payment experiences.

“In the next two to three years, the future is about a super app, about account aggregation and payment initiation. The new generation will not accept they have to log into different bank apps.”

Head of IT applications, retail bank, CEMEA

  • Enhancing security and user experience. Security and usability remain critical. Nearly half of the respondents’ banks (49%) plan to enhance fraud prevention and security measures, while 48% aim to improve the digital user experience of payments. These priorities reflect growing concerns with cyber threats and the need to deliver intuitive, frictionless payment journeys.

  • Innovating through partnerships and proprietary development. Retail banks are pursuing a dual-track strategy. Thirty-nine percent of respondents said they plan to launch new payment use cases via external partners, leveraging fintech agility and specialization. Thirty-five percent said they are investing in proprietary solutions, aiming for differentiation and control. This balance reflects a growing recognition that although in-house development offers strategic ownership, partnerships — even with players who may compete in other areas — can accelerate time to market and reduce complexity, especially in areas where cost (63%) and technical expertise (62%) remain major barriers.

Figure 4

“What are your organization’s plans to invest in the following payment capabilities?”

[CHART DIV CONTAINER]
Cross-border P2p transfers (remittances)
Cross-border B2B payments
Domestic P2P transfers
A2A transfers
Credit card bill pay using card credentials
Digital wallet funding/withdrawl using card credentials
Account funding/withdrawl using card credentials
Loyalty reward payouts
Alerady investing and expanding investment
Already investing
Plans to invest within the next 12 months
Interested but no immediate plans to invest within the next 12 months

Base: 409 money movement decision-makers at retail banks across North America, APAC, CEMEA, and Europe
Source: A commissioned study conducted by Forrester Consulting on behalf of Visa Direct, August 2025

A seamless payment experience combining speed and simplicity will be a differentiator. Respondents said they believe that faster transfers are strategic drivers of revenue growth (see Figure 5), strengthening their ability to acquire new customers (59%), improve customer satisfaction (51%), and enhance relationships (40%). When selecting a payments partner, the largest share of respondents (37%) ranked the ability to facilitate instant payments as the most valued attribute — outweighing security and fraud protection (24%) and cost efficiency (14%). This underscores the growing importance of real-time capabilities in shaping the next generation of money movement.

Figure 5

“What outcomes do you expect, or have you experienced, with the adoption of fast domestic and/or cross-border transfers capabilities?”

[CHART DIV CONTAINER]
Increased customer acquisition
Better customer satisfaction
Increased transaction fees
Reduced transaction fees
Expanded customer relationships
Reduced transaction cost for the bank
Enhanced reputation as an innovative bank
Improved ease of compliance
Reduced risk of fraud
Improved differentiation

Base: 409 money movement decision-makers at retail banks across North America, APAC, CEMEA, and Europe
Source: A commissioned study conducted by Forrester Consulting on behalf of Visa Direct, August 2025

The Visa Direct Customer Journey

Drivers leading to the Visa Direct investment
Interviews
Role Industry Location Use case
Retail cards director Retail banking HQ Romania,
regional operations		 Domestic P2P
Account and e-channel specialist Retail banking HQ Saudi Arabia,
regional operations		 Cross-border remittance
VP product management
Managing director (MD), regional consumer bank		 Retail banking HQ Singapore,
regional operations		 Cross-border remittance
Key Challenges

Before implementing Visa Direct, interviewees relied on traditional transfer methods such as automated clearinghouse (ACH), which may have limited real-time reach for domestic P2P transfers. They also operated through correspondent banks for remittances. These solutions were costly, slow, and lacked transparency, creating friction for customers who often faced delays and uncertainty about the status of their transactions. Organizations struggled to deliver seamless experiences and had limited visibility into payment flows. Additionally, managing multiple correspondent banking relationships demanded significant time and effort, adding operational complexity.

Interviewees noted how their organizations struggled with common challenges that led to poor customer experiences, including:

  • Lengthy settlement times. Transfers through traditional channels often took several days to complete, frustrating customers and creating operational inefficiencies. The VP of product management at a retail bank in Singapore explained: “Before, we had a traditional approach, which used a standard correspondent bank route. It would usually take around two working days or even more depending upon when the funds reached the beneficiary bank or the agent bank in between.”

  • High costs and poor cost transparency. Existing methods were expensive due to intermediary fees and offered little transparency on pricing details. The account and e-channel specialist at a retail bank in Saudi Arabia noted, “Correspondent banking can be costly and can be slow as well.” Additionally, the VP of product management at a retail bank in Singapore said, “When traditional payments are being made, there are lifting fees, which have been charged by the agent banks.”

  • Low visibility into payment status. Customers and banks had no reliable way to monitor the location or progress status of transfers, leading to uncertainty and increased support inquiries. The retail cards director at a retail bank in Romania emphasized, “Several variables are important, [such as] transparency in regards where the money is and when it reaches the end point.”

  • Significant management effort. Maintaining and coordinating multiple correspondent banking relationships required considerable time and resources, diverting focus from strategic priorities. As the VP of product management at a retail bank in Singapore put it, “The fewer the partners, the lesser the management.”

Investment Objectives

The interviewees searched for a solution that could:

  • Rapidly expand the reach of money transfers across corridors and endpoints.

  • Deliver a better customer experience.

  • Foster customer loyalty.

  • Ensure security and reliability as a trusted partner.

“Visa Direct is the only infrastructure that makes the money available a few seconds after the customer has initiated the transaction.”

Retail cards director, retail bank, Romania

“Consumers are so used to e-commerce — they want to track the package leaving the warehouse, getting shipped, and arriving at their doorstep. They expect similar experiences for banking. We created that whole experience to track where the money moves. It’s a powerful capability because nobody thinks about tracking money that way.”

MD, regional consumer bank, retail bank Singapore

Composite Organization

Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organization is representative of the interviewees’ organizations, and it is used to present the aggregate financial analysis in the next section. The composite organization has the following characteristics:

  • Description of composite. The composite organization is a local retail bank serving 11 million customers. Each year, it processes approximately 80 million domestic P2P transfers and 2 million cross-border remittances. Prior to implementing Visa Direct, the bank relied on correspondent banking networks to facilitate money transfers.

  • Deployment characteristics. The composite organization invests in Visa Direct to streamline domestic P2P transfers and remittances. The rollout starts with a single corridor and progressively expands, adding one new corridor each year. With each phase, the organization reduces its dependency on correspondent banking.

 KEY ASSUMPTIONS

  • Regional retail bank

  • 11M customers

  • 80M domestic P2P transfer before Visa Direct

  • 3M remittances per year before Visa Direct

  • Average transfer value of $500 for remittances, $100 for domestic P2P transfers

Analysis Of Benefits

Quantified benefit data as applied to the composite
Total Benefits
Ref. Benefit Year 1 Year 2 Year 3 Total Present Value
Atr Increased transfer volumes $230,400 $288,000 $403,200 $921,600 $750,401
Btr Improved customer loyalty $673,920 $797,472 $987,293 $2,458,685 $2,013,490
Ctr Improved customer experience $351,833 $624,550 $953,740 $1,930,123 $1,552,564
Dtr Reduced reliance on correspondent banking $656,000 $820,000 $1,204,248 $2,680,248 $2,178,819
  Total benefits (risk-adjusted) $1,912,153 $2,530,022 $3,548,481 $7,990,656 $6,495,274
Increased Transfer Volumes

Evidence and data. Banks were able to improve the transfer experience with Visa Direct, offering customers faster, more transparent, and more convenient remittances and broadening reach for domestic P2P transfers. Across interviewees, common themes emerged: Visa Direct enabled speed and convenience and expanded access to new endpoints and corridors. These capabilities drove higher transfer volumes in domestic and cross-border contexts.

For remittances, interviewees’ organizations reported strong adoption and transaction growth after implementing Visa Direct.

  • The account and e-channel specialist at a retail bank estimated that the number of Visa Direct transactions had doubled between the first and second years of implementation, noting: “Visa Direct was a leader in that market in terms of delivery time. The funds go directly to the payee’s card within 30 minutes.” The interviewee added, “We started with 12 corridors and now we are close to 20 corridors.”

  • Another bank headquartered in Singapore integrated Visa Direct into its remittance offering that promised a “zero fee, zero fuss” experience, as described by the VP of product management. The bank saw 11% growth over the last two years in Visa Direct remittance volumes. The interviewee explained that an improved customer experience was a critical driver for the growth, saying, “The reason we’re able to offer speed in terms of same-day credit at zero fee is because Visa offered us preferential rates, and most importantly, Visa was able to process our payment in the same day and ensure that there’s no deduction in the value that beneficiary receives.”

For domestic P2P transfers, one interviewee’s bank leveraged Visa Direct to extend instant transfers beyond cards issued by the bank, allowing customers to send money to any debit card in the country.

  • The retail cards director at this bank said: “We needed the customers to be able to send money to cards that are not our own instantly. It wasn’t a revenue driver; it was a means to offer a better experience and create loyalty.” This broader reach enhanced card usage, as customers frequently moved funds onto cards for spending.

  • Although multiple factors influenced growth, interviewees cited Visa Direct as a contributor to higher-value transactions and improved customer loyalty.

Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:

For remittances:

  • As a baseline, the composite processes 3 million remittances for consumers per year before implementing Visa Direct.

  • The composite attributes a 4% increase in remittance volumes to Visa Direct in Year 1. The volume growth further increases to 5% and 7% in Years 2 and 3, respectively, due to an uptake in adoption and as it opens up more corridors.

  • The average transfer value is $500.

  • Consumer-paid transaction fees average 1.2% of the remittance value and range between 0.6% and 1.5% depending on the corridor.

  • The net income is assumed to be 40% based on an industry average for retail banks.

For domestic P2P transfers:

  • The composite processes 80 million domestic transfers before the implementation of Visa Direct.

  • Volumes increase by 1.80% in Year 1, with a 15% year-on-year increase to 2.07% and 2.38% in Years 2 and 3, respectively.

  • The composite does not pass on any costs to consumers; instead, it leverages the new capability to improve customer experience.

Risks. The value of the benefit varies depending on the following factors:

  • Volume growth, which depends on market conditions and the effectiveness of a bank’s awareness and adoption campaigns.

  • Scale of Visa Direct rollout, including corridors and end points.

  • Pricing of remittances and domestic transfers.

  • Net income of individual banks.

Results. To account for these risks, Forrester adjusted this benefit downward by 20%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $750,000.

“Visa Direct surely contributed to our business. With customers becoming more and more satisfied with us, it contributed to the volume of our transactions per year.”

Account and e-channel specialist, retail bank, Saudi Arabia

Increased Transfer Volumes
Ref. Metric Source Year 1 Year 2 Year 3
A1 Remittances pre-Visa Direct Composite 3,000,000 3,000,000 3,000,000
A2 Percentage increase in volumes attributed to Visa Direct Interviews 4.00% 5.00% 7.00%
A3 Average transfer value Composite $500 $500 $500
A4 Transaction fees with Visa Direct Interviews 1.20% 1.20% 1.20%
A5 Domestic transfers pre-Visa Direct Composite 80,000,000 80,000,000 80,000,000
A6 Percentage increase in volumes attributed to Visa Direct Interviews 1.80% 2.07% 2.38%
A7 Transaction fees with Visa Direct Composite $0 $0 $0
A8 Net income (retail banks) Composite 40% 40% 40%
At Increased transfer volumes (A1*A2*A3*A4+A5*A6*A7)*A8 $288,000 $360,000 $504,000
  Risk adjustment ↓20%      
Atr Increased transfer volumes (risk-adjusted)   $230,400 $288,000 $403,200
Three-year total: $921,600 Three-year present value: $750,401
Improved Customer Loyalty

Evidence and data. Visa Direct enabled banks to retain customers and strengthen loyalty by transforming the transfer experience. Interviewees consistently highlighted how Visa Direct enabled faster, more transparent, and more convenient transfers that customers valued.

  • For the bank headquartered in Singapore, Visa Direct was instrumental in fulfilling its promise of simplicity and trust. The bank positioned its service around a frictionless experience, and the VP of product management stated: “[Our remittance solution] is always a zero-fee capability. We don’t charge any fees to any of the customers. Customers would get the same-day credit we promised.” The interviewee added, “Visa Direct’s biggest impact was providing the speed and zero deduction, which ensured that we could retain these existing customers or acquire new ones.”

  • The account and e-channel specialist at a retail bank in Saudi Arabia explained that the instant remittance capability had helped reengage customers who were not actively using their accounts. They elaborated, “Our customers have more options to make transfers — they are more and more satisfied with us, and we have more customers coming to us.”

  • Further detailing the impact of customer loyalty, the head of product transformation at a Spanish bank from the qualitative interviews said: “The margin for loyal customers is three times bigger than the margin we get in a one-year period from a customer who is not loyal to us. That’s why we want to retain customers and make sure they do not leave us because of daily operative day-to-day transactions, especially domestic transfers.”

Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:

  • The number of unique customers who use Visa Direct is calculated with the assumption that individuals send four cross-border transfers per year and 24 domestic P2P transfers per year.

  • The composite attributes a 30% retention rate among Visa Direct users to the service. Additionally, it drives a 2% conversion to loyal customers who engage with multiple banking products.

  • The average one-year customer value for the composite is $65, with loyal customers bringing three times more incremental revenue compared to the average.

Risks. The value of the benefit varies depending on the following factors:

  • Unique customers using Visa Direct, which depends on customer behavior and the market segments a bank serves.

  • The effectiveness of the bank’s customer marketing and retention effort.

  • Customer value, which depends on the products customers adopt.

  • Net income, as explained in benefit A.

Results. To account for these risks, Forrester adjusted this benefit downward by 20%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $2.0 million.

Improved Customer Loyalty
Ref. Metric Source Year 1 Year 2 Year 3
B1 Unique customers using Visa Direct for remittances A1*A2/4 30,000 37,500 52,500
B2 Unique customers using Visa Direct for domestic P2P transfers A5*A6/24 60,000 69,000 79,350
B3 Percentage retained customers attributed to Visa Direct Composite 30% 30% 30%
B4 Percentage converted to loyal, multiproduct customers attributed to Visa Direct Composite 2.0% 2.0% 2.0%
B5 Average one-year customer value Composite $65 $65 $65
B6 Loyalty uplift on customer value Interviews 300% 300% 300%
B7 Net income (retail banks) Composite 40% 40% 40%
Bt Improved customer loyalty (B1+B2)*(B3+B4*B6)*B5*B7 $842,400 $996,840 $1,234,116
  Risk adjustment ↓20%      
Btr Improved customer loyalty (risk-adjusted)   $673,920 $797,472 $987,293
Three-year total: $2,458,685 Three-year present value: $2,013,490
Improved Customer Experience

Evidence and data. Interviewees shared that Visa Direct contributed to fewer customer queries and complaints. By enabling real-time or near-real-time transfers and improving ease of tracing payment status, it minimized uncertainty for customers and reduced the need to reach out to their banks with queries.


The account and e-channel specialist at the Saudi Arabia-headquartered bank said: “We have less complaints; also, the customer satisfaction is higher. We have 600 to 700 live cases and only nine of them are related to Visa Direct. Even though Visa Direct is a smaller proportion of overall remittances, I see fewer complaints about Visa Direct compared to other partners.”

Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:

  • The composite has a case rate of 2.7% for transactions not processed by Visa Direct.

  • It sees a 15% reduction in case rate in Year 1, with further reductions of 23% and 30% in Years 2 and 3, respectively.

  • Each case takes 2.5 hours to resolve collectively between relationship managers, customer service, or issue mitigation teams, and occasionally IT specialists. They have an average fully burdened hourly rate of $33.

  • Forrester assumes a productivity recapture rate of 75% to account for human tendency to direct only part of the time saved back to productive work. This relatively high recapture rate reflects the structured, backlog-driven nature of some roles involved.

Risks. The value of this benefit varies depending on:

  • Customer experience of transfers.

  • Issue resolution processes.

Results. To account for these risks, Forrester adjusted this benefit downward by 10%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $1.6 million.

“Our key principles are zero fuss, zero fee, zero anxiety.”

VP product management, retail bank, Singapore

Improved Customer Experience
Ref. Metric Source Year 1 Year 2 Year 3
C1 Visa Direct transactions A1*A2+A5*A6 1,560,000 1,806,000 2,114,400
C2 Case rate of non-Visa Direct transactions Interviews 2.7% 2.7% 2.7%
C3 Reduction in complaints with Visa Direct Interviews 15% 23% 30%
C4 Resolution effort per complaint (hours) Interviews 2.5 2.5 2.5
C5 Fully burdened hourly rate for issue resolution resources Composite $33 $33 $33
C6 Productivity recapture rate TEI methodology 75% 75% 75%
Ct Improved customer experience C1*C2*C3*C4*C5*C6 $390,926 $693,944 $1,059,711
  Risk adjustment ↓10%      
Ctr Improved customer experience (risk-adjusted)   $351,833 $624,550 $953,740
Three-year total: $1,930,123 Three-year present value: $1,552,564
Reduced Reliance On Correspondent Banking

Evidence and data. Interviewees said that Visa Direct simplified cross-border payment operations as their banks shifted away from processed remittances via correspondent banking. Their organizations reduced operational overhead and avoided costs associated with maintaining correspondent relationships and processing through SWIFT. Additionally, they freed up liquidity that would otherwise be tied up in nostro account deposits.

  • The account and e-channel specialist contrasted processing payments via correspondent banking with Visa Direct. They said: “SWIFT is a little bit slow. I have to send a SWIFT message and then wait for feedback. With Visa Direct, we connect our API to their API and we’re transferring. So this is a faster method.”

  • The VP of product management at the Singaporean bank said, “We had partners across 34 countries; about half of them would be providing services that were replaced by Visa Direct.” The interviewee elaborated on the cost of maintaining correspondent banking relationships, saying: “At least three functions were involved in maintaining the banks. The relationship manager would be performing due diligence on those providers, and the operations team handled day-to-day operational matters like reaching out to these partners for queries or transaction-related investigations. Third, we monitored the services for any issues, during which we needed centralized touchpoints to quickly engage each bank and resolve problems as soon as possible.”

Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:

  • Each transaction processed through corresponding would have cost the composite 20 minutes of effort for reconciliation, foreign exchange hedging, and exception handling, if required.

  • The fully burdened hourly rate for correspondent banking management resources is $41. Forrester assumes 50% of the time saved is put back into productive work.

  • By Year 3, the composite has been live with Visa Direct in one corridor for more than two years, and the service gains sufficient volumes to justify consolidating correspondent banking relationships in the corridor by one-third.

  • The composite allocates 60 person hours of effort per month to manage each correspondent banking relationship, involving employees across relationship management, procurement, compliance, and treasury teams.

  • The composite has an average of three correspondent banking relationships for each of its 30 corridors. Forrester assumes that remittance volumes are evenly distributed among these correspondent banks and that the composite must prefund its nostro accounts at each correspondent bank with 20% of the respective volume.

  • The amounts avoided earn 4% risk-free interest if deployed, a conservative assumption based on the 10-year US treasury note yield.3 Fifty percent of the earnings are attributed to Visa Direct, with the rest to the composite’s strategic priorities and regulatory considerations.

Risks. The value of this benefit varies depending on:

  • Number of correspondent banking relationships.

  • Internal processes to process cross-border transfers.

Results. To account for these risks, Forrester adjusted this benefit downward by 20%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $2.2 million.

Reduced Reliance On Correspondent Banking
Ref. Metric Source Year 1 Year 2 Year 3
D1 Remittances processed using Visa Direct A1*A2 120,000 150,000 210,000
D2 Transaction effort per remittance (minutes) Composite 20 20 20
D3 Fully burdened hourly rate for correspondent banking management resources Composite $41 $41 $41
D4 Productivity recapture rate TEI methodology 50% 50% 50%
D5 Subtotal: Avoided cost of processing remittances D1*D2/60*D3*D4 $820,000 $1,025,000 $1,435,000
D6 Correspondent banks in markets where Visa Direct is live for two years or more Composite     6
D7 Correspondent banks eliminated with Visa Direct Interviews     2
D8 Internal time to manage correspondent banking relationship (hours) Interviews     720
D9 Subtotal: Avoided cost of managing correspondent banking relationships D7*D8*D3*D4     $29,520
D10 Avoided deposit per nostro account Composite     $2,549,400
D11 Interested earned, if deployed Composite     4%
D12 Percentage attribution to Visa Direct Composite     50%
D13 Net income (retail banks) Composite     40%
D14 Subtotal: Profit from freed up liquidity D7*D10*D11*D12*D13     $40,790
Dt Reduced reliance on correspondent banking D5+D9+D14 $820,000 $1,025,000 $1,505,310
  Risk adjustment ↓20%      
Dtr Reduced reliance on correspondent banking (risk-adjusted)   $656,000 $820,000 $1,204,248
Three-year total: $2,680,248 Three-year present value: $2,178,819
Unquantified Benefits

Interviewees mentioned the following additional benefits that their organizations experienced but were not able to quantify:

  • Improved transfer transparency. Interviewees highlighted that Visa Direct enabled them to provide greater visibility into cross-border transactions compared to traditional rails. The ability to trace payments during and after settlement improved confidence and reduced uncertainty for customers and internal teams. A group product manager at a US retail bank from the qualitative interviews explained: “Another benefit from the newer type of rails for cross-border settlements, it’s a lot more transparent compared to other ways. It’s a lot easier. It’s a lot more traceable during the transaction and post transaction.”

  • Faster settlement times. Visa Direct’s capability to deliver instant transfers was cited as a critical advantage for enhancing customer satisfaction. Interviewees emphasized that timely payments reduced friction and improved trust in the service. A retail cards director at a retail bank in Romania stated, “The fact that Visa Direct can deliver instant4 [transfers] is very important for customers.” Similarly, the MD, regional consumer bank at a retail bank in Singapore said, “The intention of partnering with Visa is to ensure that our recipients receive the payment on a timely basis, efficiently.”

  • Enhanced security. Interviewees mentioned that Visa Direct provided them with better security measures, reduced fraud risk, and fewer compliance issues. The VP of product management at a retail bank in Singapore commented: “Visa is a great partner. Once I have implemented it, I don’t have to look at another area security wise, [it has] amazing security. They had another level of security ensuring that fraud payments are being well tracked.”

Flexibility

The value of flexibility is unique to each customer. There are multiple scenarios in which a customer might implement Visa Direct and later realize additional uses and business opportunities, including:

  • Adopting additional Visa Direct use cases. Visa Direct offers the opportunity to adopt complementary use cases. Interviewees expressed interest in leveraging additional capabilities such as direct account credits and ATM-based cash deposits. The account and e-channel specialist at a retail bank in Saudi Arabia explained, “We are exploring Visa Direct for direct credit to account.” Additionally, the retail cards director at a retail bank in Romania said, “We are working on adding cash deposits on ATM with Visa Direct.”

  • Expanding to other markets. Visa Direct can enable organizations to scale payment solutions quickly and expand into new markets without significant additional infrastructure. Interviewees noted that Visa’s global reach and integration capabilities accelerated growth opportunities. The VP of product management at a retail bank in Singapore shared: “Visa offers that scale and that reach a lot faster for us. Once we are integrated with Visa, we can connect and expand it to the other [markets]. Visa Direct focuses on the acquisition as a payment.”

Flexibility would also be quantified when evaluated as part of a specific project (described in more detail in Total Economic Impact Approach).

Analysis Of Costs

Quantified cost data as applied to the composite
Total Costs
Ref. Cost Initial Year 1 Year 2 Year 3 Total Present Value
Etr Visa Direct transaction fees $0 $570,780 $680,211 $856,661 $2,107,652 $1,724,671
Ftr Implementation, expansion, and ongoing management costs $720,280 $153,052 $87,052 $87,052 $1,047,435 $996,765
Gtr Incremental marketing program costs $0 $155,430 $186,560 $239,030 $581,020 $475,069
  Total costs (risk-adjusted) $720,280 $879,262 $953,823 $1,182,743 $3,736,108 $3,196,505
Visa Direct Transaction Fees

Evidence and data. Visa Direct transaction fees depend on the transaction type and amount, whether it requires currency conversion, and the transfer location.

Modeling and assumptions. To quantify this cost, Forrester assumes the following about the composite organization:

  • The volume of remittances processed through Visa Direct in Year 1 is 120,000, which increases to 150,000 in Year 2 and 210,000 in Year 3.

  • The average transaction value for remittances is $500.

  • The average processing fee for remittances is $0.39 per transaction, and the foreign exchange fee applies at a rate of 0.30% of the transaction value.

  • The volume of domestic P2P transactions processed through Visa Direct in Year 1 is 1,440,000, which increases to 1,656,000 in Year 2 and 1,904,000 in Year 3.

  • The average processing fee for domestic P2P transfers is $0.22 per transaction.

Risks. The impact of this cost may vary by organization depending on:

  • Transaction volume and growth.

  • Transaction fees, which vary by volume and location.

  • Foreign exchange fees, which vary by currency and market price.

Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $1.7 million.

Visa Direct Transaction Fees
Ref. Metric Source Initial Year 1 Year 2 Year 3
E1 Remittances A1*A2   120,000 150,000 210,000
E2 Average transfer value of remittances A3   $500 $500 $500
E3 Average transaction costs per remittance Composite   $0.39 $0.39 $0.39
E4 Average FX cost per remittance Composite   0.30% 0.30% 0.30%
E5 Domestic P2P transfers A5*A6   1,440,000 1,656,000 1,904,400
E6 Average transaction cost per P2P transfer Composite   $0.22 $0.22 $0.22
Et Visa Direct transaction fees E1*(E3+E2*E4)+E5*E6 $0 $543,600 $647,820 $815,868
  Risk adjustment ↑5%        
Etr Visa Direct transaction fees (risk-adjusted)   $0 $570,780 $680,211 $856,661
Three-year total: $2,107,652 Three-year present value: $1,724,671
Implementation, Expansion, And Ongoing Management Costs

Evidence and data. The interviewees shared that initial implementation required significant internal effort and support from Visa Direct or third-party providers. Integration involved multiple teams and lasted approximately one year. Organizations also reported progressive expansion into new markets and ongoing management activities for operational monitoring, maintenance, and customer support.

  • The retail cards director at a retail bank in Romania mentioned, “It took one year to implement.”

  • The account and e-channel specialist at a retail bank in Saudi Arabia shared: “It took about one year. We had specialized teams: the demand team, the project team, and the development team working on it.”

Modeling and assumptions. To quantify this cost, Forrester assumes the following about the composite organization:

  • The initial implementation cost of domestic P2P transfers and the first corridor for remittance is $140,000. In Year 1, post-implementation support fees cost $60,000.

  • Thirty employees, from diverse departments such as product, operations, customer service, treasury, finance, and IT, dedicate 30% of their time over one year for implementation.

  • The composite organization adds one new remittance corridor per year. Each expansion involves 10 employees who dedicate 25% of their time over three months.

  • The ongoing management starts in Year 1, with three product team employees spending 1.5 hours weekly on monitoring, maintenance, and support.

Risks. The impact of this cost may vary by organization depending on:

  • Implementation scalability and complexity, which depend on an organization’s environment, size, and employee skill sets.

  • Additional third-party or Visa Direct support requirements.

  • Number of employees involved and their salaries, which vary depending on the organization’s geography, size, and complexity.

  • Number of corridors.

Results. To account for these risks, Forrester adjusted this cost upward by 10%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $997,000.

Implementation, Expansion, And Ongoing Management Costs
Ref. Metric Source Initial Year 1 Year 2 Year 3
F1 Visa implementation fees Composite $140,000 $60,000    
F2 Initial implementation effort (hours) Interviews 9,360      
F3 New corridors added Composite   1 1 1
F4 New corridor expansion effort (hours) Interviews   1,300 1,300 1,300
F5 Fully burdened hourly rate for implementation team members Composite $55 $55 $55 $55
F6 Ongoing management of Visa Direct (hours) Interviews   114 114 114
F7 Fully burdened hourly rate for product team members Composite   $67 $67 $67
Ft Implementation, expansion, and ongoing management costs F1+(F2*F5)+(F3*F4*F5)+(F6*F7)
 		 $654,800 $139,138 $79,138 $79,138
  Risk adjustment ↑10%        
Ftr Implementation, expansion, and ongoing management costs (risk-adjusted)   $720,280 $153,052 $87,052 $87,052
Three-year total: $1,047,435 Three-year present value: $996,765
Incremental Marketing Program Costs

Evidence and data. Interviewees mentioned that Visa Direct adoption required dedicated marketing efforts to drive customer awareness and engagement. The MD, regional consumer bank at a retail bank in Singapore said, “Of course, the company has to work on the marketing front in order to ensure that we are able to acquire more customers.”

Modeling and assumptions. To quantify this cost, Forrester assumes that the composite organization allocates 5% of incremental revenue generated from benefits A, B, and C.

Risks. The impact of this cost may vary by organization depending on:

  • Amount allocated to marketing.

  • Market awareness and competition.

Results. To account for these risks, Forrester adjusted this cost upward by 10%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $475,000.

“We had to make sure that customers understand the new service and its benefits, so we invested in communication campaigns.”

Retail cards director, retail bank, Romania

Incremental Marketing Program Costs
Ref. Metric Source Initial Year 1 Year 2 Year 3
G1 Incremental marketing program costs Composite   $141,300 $169,600 $217,300
Gt Incremental marketing program costs G1 $0 $141,300 $169,600 $217,300
  Risk adjustment ↑10%        
Gtr Incremental marketing program costs (risk-adjusted)   $0 $155,430 $186,560 $239,030
Three-year total: $581,020 Three-year present value: $475,069

Financial Summary

Consolidated Three-Year, Risk-Adjusted Metrics

Cash Flow Chart (Risk-Adjusted)

[CHART DIV CONTAINER]
Total costs Total benefits Cumulative net benefits Initial Year 1 Year 2 Year 3
Cash Flow Analysis (Risk-Adjusted)
  Initial Year 1 Year 2 Year 3 Total Present Value
Total costs ($720,280) ($879,262) ($953,823) ($1,182,743) ($3,736,108) ($3,196,505)
Total benefits $0 $1,912,153 $2,530,022 $3,548,481 $7,990,656 $6,495,274
Net benefits ($720,280) $1,032,892 $1,576,199 $2,365,738 $4,254,548 $3,298,769
ROI           103%
Payback           9 months

 Please Note

The financial results calculated in the Benefits and Costs sections can be used to determine the ROI, NPV, and payback period for the composite organization’s investment. Forrester assumes a yearly discount rate of 10% for this analysis.

These risk-adjusted ROI, NPV, and payback period values are determined by applying risk-adjustment factors to the unadjusted results in each Benefit and Cost section.

The initial investment column contains costs incurred at “time 0” or at the beginning of Year 1 that are not discounted. All other cash flows are discounted using the discount rate at the end of the year. PV calculations are calculated for each total cost and benefit estimate. NPV calculations in the summary tables are the sum of the initial investment and the discounted cash flows in each year. Sums and present value calculations of the Total Benefits, Total Costs, and Cash Flow tables may not exactly add up, as some rounding may occur.

From the information provided in the interviews, Forrester constructed a Total Economic Impact™ framework for those organizations considering an investment in Visa Direct.

The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Forrester took a multistep approach to evaluate the impact that Visa Direct can have on an organization.

Due Diligence

Interviewed Visa Direct stakeholders and Forrester analysts to gather data relative to Visa Direct.

Interviews

Interviewed four decision-makers at three organizations using Visa Direct to obtain data about costs, benefits, and risks.

Composite Organization

Designed a composite organization based on characteristics of the interviewees’ organizations.

Financial Model Framework

Constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewees.

Case Study

Employed four fundamental elements of TEI in modeling the investment impact: benefits, costs, flexibility, and risks. Given the increasing sophistication of ROI analyses related to IT investments, Forrester’s TEI methodology provides a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology.

Total Economic Impact Approach
Benefits

Benefits represent the value the solution delivers to the business. The TEI methodology places equal weight on the measure of benefits and costs, allowing for a full examination of the solution’s effect on the entire organization.

Costs

Costs comprise all expenses necessary to deliver the proposed value, or benefits, of the solution. The methodology captures implementation and ongoing costs associated with the solution.

Flexibility

Flexibility represents the strategic value that can be obtained for some future additional investment building on top of the initial investment already made. The ability to capture that benefit has a PV that can be estimated.

Risks

Risks measure the uncertainty of benefit and cost estimates given: 1) the likelihood that estimates will meet original projections and 2) the likelihood that estimates will be tracked over time. TEI risk factors are based on “triangular distribution.”

Financial Terminology
Present value (PV)

The present or current value of (discounted) cost and benefit estimates given at an interest rate (the discount rate). The PVs of costs and benefits feed into the total NPV of cash flows.

Net present value (NPV)

The present or current value of (discounted) future net cash flows given an interest rate (the discount rate). A positive project NPV normally indicates that the investment should be made unless other projects have higher NPVs.

Return on investment (ROI)

A project’s expected return in percentage terms. ROI is calculated by dividing net benefits (benefits less costs) by costs.

Discount rate

The interest rate used in cash flow analysis to take into account the time value of money. Organizations typically use discount rates between 8% and 16%.

Payback

The breakeven point for an investment. This is the point in time at which net benefits (benefits minus costs) equal initial investment or cost.

Appendix A

Total Economic Impact

Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists solution providers in communicating their value proposition to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of business and technology initiatives to both senior management and other key stakeholders.

Appendix B

Survey Demographics
Interviews
Role Industry Headquarters
Executive director, data management & intelligent systems Retail banking HQ Saudi Arabia,
regional operation
Head of IT applications Retail banking HQ United Arab Emirates,
regional operation
VP group product manager Retail banking HQ United States,
global operation
Engineering manager Retail banking HQ United States,
global operation
Head of value proposition transformation Retail banking HQ Spain,
regional operation
AVP product Retail banking HQ Indonesia,
regional operation
Director payment innovations Retail banking HQ Spain,
regional operation
Head of strategy Retail banking HQ Saudi Arabia,
regional operation
[CONTENT]
REGION  
APAC 25%
CEMEA 25%
Europe 25%
North America 25%
[CONTENT]
TOTAL ASSETS  
$500B or above 4%
$250B to $499B 9%
$100B to $249B 16%
$50B to $99B 21%
$10B to $49B 37%
$5B to $9B 13%
[CONTENT]
DEPARTMENT  
IT/technology 35%
Product 26%
Strategy 24%
Treasury 14%
Risk and compliance 1%

Appendix C

Supplemental Material

Related Forrester Research

The Cross-Border Payment Solutions For B2B Landscape, Q1 2024, Forrester Research, Inc., January 31, 2024

Appendix D

Endnotes

1 Actual fund availability for all Visa Direct transactions may depend on receiving financial institution, account type, region, compliance processes, along with other factors, as applicable.

2 Availability varies by geography. Please refer to your Visa representative for more information on availability.

3 Source: United States Rates & Bonds, Bloomberg, accessed February 9, 2026.

4 Actual fund availability for all Visa Direct transactions may depend on receiving financial institution, account type, region, compliance processes, along with other factors, as applicable.

Disclosures

Readers should be aware of the following:

This study is commissioned by Visa Direct and delivered by Forrester Consulting. It is not meant to be used as a competitive analysis.

Forrester makes no assumptions as to the potential ROI that other organizations will receive. Forrester strongly advises that readers use their own estimates within the framework provided in the study to determine the appropriateness of an investment in Visa Direct. For any interactive functionality, the intent is for the questions to solicit inputs specific to a prospect’s business. Forrester believes that this analysis is representative of what companies may achieve with Visa Direct based on the inputs provided and any assumptions made. Forrester does not endorse Visa Direct or its offerings. Although great care has been taken to ensure the accuracy and completeness of this model, Visa Direct and Forrester Research are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein. The interactive tool is provided ‘AS IS,’ and Forrester and Visa Direct make no warranties of any kind.

Visa Direct reviewed and provided feedback to Forrester, but Forrester maintains editorial control over the study and its findings and does not accept changes to the study that contradict Forrester’s findings or obscure the meaning of the study.

Visa Direct provided the customer names for the interviews but did not participate in the interviews.

Consulting Team:

Sanny Mok

Published

Emilie Beaud
 

ABOUT FORRESTER CONSULTING

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The Total Economic Impact™ Of Visa Direct

This study is commissioned by Visa Direct and delivered by Forrester Consulting.

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