In a country with a large diaspora, international money transfers have long been a systemic problem: they arrived late, with costs and uncertainty. By implementing the Visa Direct solution, Nova banka joins a growing number of financial institutions in the region using Visa Direct to enhance international payment flows, thereby setting a new standard for users in Bosnia and Herzegovina. Ana Drašković, Vice President and General Manager of Visa for the Southeast Europe region, discusses what this change specifically means.
It is estimated that around 2 million citizens of Bosnia and Herzegovina live and work abroad. What does the Visa Direct service specifically bring to them, their families, and businesses?
Many citizens of Bosnia and Herzegovina today live, work, and study abroad. In the first half of last year, about 4.3 billion convertible marks entered Bosnia and Herzegovina through current transfers from the diaspora, according to Central Bank data. However, the financial infrastructure failed to keep up with this growth. By implementing the Visa Direct solution, we have aligned the speed of money movement with the pace at which people live and carry out their daily obligations today. This is the standard users now expect.
What does this specifically mean for the user? How does it work in practice?
Imagine elderly parents in a smaller town whose child has gone to work abroad. Every transfer previously involved waiting and uncertainty: when was the money sent, has it arrived, when will it be available. With Visa Direct, that obstacle disappears. Funds are in the account in a shorter time, much more favorably, and without stress. The process is very simple. When technology works for you, you don’t even notice it; you just notice that you are more relieved and have more time for some more valuable and beautiful life moments. And that is precisely what we aim for when bringing any kind of innovation to the payment industry market.
Nova banka and TIZI are key partners in this project. Why is the partnership ecosystem so important?
Such solutions cannot function without good cooperation between banks, technology partners, and payment systems. Visa is a company that, relying on its global infrastructure and deep expertise, brings innovations both globally and locally. When you combine that global security with the strong local foothold of Nova banka, you get a solution that people can trust. An important link in that chain is TIZI, whose expertise in cross-border payments ensures that international transfers flow stably.
Security is always a key topic, especially with fast transfers. How does Visa guarantee that every transaction is protected?
Security is not an additional option; it is the foundation of our system, namely the VisaNet network. Over the past five years, Visa has invested more than $12 billion in technology, including measures to prevent fraud and strengthen network security. Last year alone, Visa globally prevented over $40 billion in potential fraud. The user does not see the technology—they only see that the money arrives quickly and securely.
Visa continuously brings new solutions to the markets of Southeast Europe. Where does Bosnia and Herzegovina fit into that regional picture?
Bosnia and Herzegovina is a natural part of the rapidly growing regional digital ecosystem. Visa Direct is already active in Albania and North Macedonia, and now also in Bosnia and Herzegovina. Users in Bosnia and Herzegovina today expect the same digital solutions as users in other markets. Trust in digital payments is growing, and expectations are increasing. Our task is to make the innovations we develop globally available to everyone, regardless of where they are.
Real-time payments are recording strong global growth. What does this trend mean for the region and users in Bosnia and Herzegovina?
Real-time payments are growing from a projected $34 billion in 2025 to as much as $284 billion by 2032. Behind this growth is a change in people’s expectations: transportation, delivery, digital services—everything arrives immediately, and money must keep up with that pace. For local users, this means that what was until recently available only in the most developed markets is now becoming a reality here, in Sarajevo, Mostar, or Banja Luka, throughout Bosnia and Herzegovina. Visa Direct is part of that global infrastructure, and the implementation at Nova banka is concrete proof that the local market is keeping pace with these changes.