TransferWise and Visa Announce Global Partnership Following Successful Collaboration on Cloud Technology
January 26 2021 - 11:01PM
Business Wire
TransferWise to expand debit card program
accompanying its multi-currency account into dozens of new markets
using new Visa Cloud Connect infrastructure
Visa (NYSE: V) and TransferWise today announced a global
partnership and the first use of Visa Cloud Connect, a new way for
fintechs and partners to securely connect Visa’s global processing
network, VisaNet, through the cloud. Visa Cloud Connect underpins a
new global agreement between Visa and TransferWise that will enable
the expansion of TransferWise’s multi-currency debit cards in Asia
Pacific, Europe, Latin America and the Caribbean, the Middle East,
U.K. and U.S.
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The TransferWise multi-currency account allows consumers and
businesses to hold and convert 55 currencies at the real exchange
rate. The multi-currency debit card lets customers spend and
withdraw directly from any of the currency balances. Expanding the
offering into new markets would have previously required
significant investment in local data centers, telecommunications
infrastructure and specialized payment hardware. With Visa Cloud
Connect, TransferWise can quickly establish a secure connection to
VisaNet through its cloud provider, eliminating the need for costly
local connectivity and speeding up TransferWise’s roll out
plans.
“The TransferWise team came to us last year with a challenge:
enable the global rollout of their debit card program, and do it
entirely in the cloud,” said Jack Forestell, executive vice
president and chief product officer, Visa. “It was an exciting
opportunity for us to partner with TransferWise and show how we’re
thinking and working differently to help today’s fintech innovators
scale up quickly. With Visa Cloud Connect, we’ve created an
approach that lets TransferWise tap into Visa’s global
infrastructure—one of the most secure, reliable and resilient
systems in the world—through a single integration. Through our work
with TransferWise, we’ve created a blueprint for other fintechs to
quickly and securely connect with Visa’s massive scale and
reach.”
“We’ve been working to remove borders in the world’s financial
networks. Cards should work the same across borders too. In Visa,
we found a partner who shares our ambitions to make money work
seamlessly no matter where you are. We’re excited to see how the
outcome of our collaboration impacts the next generation of
multinational financial institutions across the globe,” said Kristo
Käärmann, TransferWise co-founder and CEO.
Connecting Visa’s state-of-the art infrastructure with the
cloud
Today, global card programs expanding into multiple countries
require investment in local data centers using specialized hardware
and telecommunications infrastructure as well as coordination with
local partners to adhere to regional standards. This can slow down
new rollouts and delay customer adoption. Visa’s new Visa Cloud
Connect platform provides a secure cloud-based connection to
VisaNet, including a unified certification and testing framework,
Visa-hosted security services such as transaction encryption and
PIN key management, and simplified settlement in local markets.
This combination of technology and services simplifies global
connectivity and testing, lowers IT costs through cloud
integration, and speeds time to market for launching programs in
new geographies. This is particularly beneficial for new types of
clients like TransferWise who have been operating on cloud-based
systems from their inception.
Visa Cloud Connect is currently in pilot phase with TransferWise
and is slated for global availability for other clients in August
2021.
TransferWise Multi-currency Account
TransferWise, now 4-years profitable, serving 10 million
customers and moving $6 billion in cross-border transactions every
month, will be the first company to integrate globally with Visa
via a single integration. This will dramatically speed up
TransferWise’s plans to rollout to customers the debit cards that
accompany its multi-currency account in a host of new markets.
Since launching the TransferWise multi-currency account in 2018,
the company has issued more than 1 million debit cards through
existing processors and partners. The account and card help people
and businesses avoid high foreign transaction fees and costly
exchange rates when travelling, managing their money in multiple
currencies, or doing business across borders.
About Visa
Visa (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
About TransferWise
TransferWise is a global technology company that’s building the
best way to move money around the world. Whether you’re sending
money to another country, spending money abroad, or making and
receiving international business payments, TransferWise is on a
mission to make your life easier and save you money. The
TransferWise account is the first multi-currency account for
travelers, expats and freelancers that allows customers to hold,
spend and send money in 55 currencies at the real exchange rate,
with local bank details to receive funds in the UK, US, Australia,
New Zealand, Singapore, Europe and Hungary. Co-founded by Taavet
Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is
one of the world’s fastest growing tech firms having raised over $1
billion in primary and secondary transactions from investors such
as D1 Capital Partners, Lead Edge, Lone Pine, Vitruvian, IVP,
Merian Chrysalis Investment Company Ltd, Andreessen Horowitz, Sir
Richard Branson, Valar Ventures and Max Levchin from PayPal.
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version on businesswire.com: https://www.businesswire.com/news/home/20210126006164/en/
Visa Caylah Novak cnovak@visa.com
TransferWise Theresa McCartney
theresa.mccartney@transferwise.com
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