OREANDA-NEWS. March 22, 2011. The largest Ukrainian bank PrivatBank became the first financial institution in the world activated a new service of real-time  Visa money transfers for its customers. The world premiere of this truly revolutionary service of the Bank and the Visa was held simultaneously in Kyiv and Moscow - the world's first transaction was carried out between the Ukrainian and Russian cards issued by PrivatBank and its subsidiary Moskomprivatbank.

The new service enables holders of 24 million cards of PrivatBank to send money to and receive from Visa cards, issued by any bank in the world, within minutes both domestically and internationally. Round-the-clock access to the service is provided for clients in 3'495 branches and offices, 9'158 ATMs, 2'632 payment terminals of PrivatBank in Ukraine, Russia, Georgia, Latvia and other countries as well as via mobile and Internet-banking Privat24. Momentary money transfer services in real-time mode became possible due to significant upgrade of the VisaNet global network and implementation of PrivatBank's advanced innovations.

"The service is so simple at first sight - insert a card number, amount of money and, that is it: the money is delivered. But to make this operation such simple and convenient, and most importantly, accessible all over the world, it has taken years of technologies development, because this service is based on the most advanced and up-to-date innovations in the banking sector"- said Chairman of PrivatBank Alexander Dubilet. - "Our customers actually don't care much about the technology. For a customer banking service must be simple, fast, convenient and accessible all over the world. The service we activated for the first time today - the card momentary  transfers, I believe, will radically change the global money transfers market as qualities of the transfers for consumers are improving significantly, they become not only simple but instant as well"- said Alexander Dubilet. 

Launching the instant money transfer service, Visa meets the requirements of the market for money transfers, instant payments of various bills and other payments between individuals, committed between Russia and Ukraine. The annual volume of funds transferred between these two countries is about USD1.3 billion. "Russia- Ukraine are among the top 10 key corridors for countries-recipients and -senders of remittances in the world and is one of the most stable areas of labour migration, which implies the great potential for the new service activation in our region. Thanks to the new service, momentary Visa money transfers , millions of consumers who are actively travelling or working away from home can receive or provide financial support for their families and friends safely, easily and quickly ", - noted Svetlana Georbelidze, the Head of Visa Representative Office in Ukraine.

Stephen Parker, CEO of Visa in Russia, CIS countries and Southeast Europe, said: "We are very proud that PrivatBank are in the forefront of developing new service of momentary Visa money transfers as the first financial institution in the world offering its customers more functionality of personal payments by Visa cards. Introducing a new service, the Visa company meets the growing requirements of customers for innovative and up-to-date services, and assists the development of non-cash payments market and the economy altogether. "

Visa cardholders can now instantly transfer money using various channels such as internet banking, ATMs, POS terminals, banks, non-bank payment agents and mobile phones. To make money transfer, a sender can use the funds available on his Visa card account, bank account or cash. The service has freed a customer from filling the complicated forms, state bank requisites and bank office address. The only information required to transfer money is the recipient's Visa card number.

"Modernization of the Visa global payment system is indeed a milestone for the company. Embedded network modifications significantly broaden the sphere of Visa cards utilization that now are not only the most convenient tool for making payments but also the fastest and most convenient way to transfer money. Speed, reliability and global scale, which are the key advantages of Visa network, now are applicable to a wide range of personal payments,"- said Elizabeth Busy, Visa Group Executive.