Visa’s Ownership of Earthport to Bring More
Speed, Simplicity, Transparency and Trust to Global Payments
Visa Inc. (NYSE:V) today announced it has acquired control of
Earthport (AIM:EPO), a company that provides cross-border payment
services to banks, money transfer service providers and businesses
via the world’s largest independent ACH network.
Currently, Visa enables payments to be sent to or from Visa
cards. The acquisition will make it possible for Visa clients to
enable individuals, businesses and governments to utilize Visa to
send and/or receive money through bank accounts around the world.
With the acquisition of Earthport, Visa expects to be able to reach
the vast majority of the world’s banked population and allow them
to easily, quickly and securely move money worldwide.
Nearly $80 trillion (US) of money is sent via a wire transfer or
bank account globally today1, but the process is harder and more
complex than it should be. Money can take days to arrive because of
outdated, inefficient and costly methods.
This transaction can solve for many use cases including payroll
and international person-to-person and business-to-business
remittances. Take the example of a global marketplace that employs
contractors globally who have to get paid in their local
currencies. Today, that company may be paying its workforce using
inefficient, expensive wire transfers that can take days to arrive.
With the combined capabilities of Visa and Earthport, Visa can be
the single network for these payments, helping to pay contractors
and employees around the world, quickly and safely2.
“Visa is modernizing the way we move money by making it quicker,
safer and easier to pay and be paid than ever before,” said Bill
Sheley, head of global push payments, Visa. “The acquisition
of Earthport unleashes the power of Visa by taking us 'beyond the
card,' empowering us to enable our clients to make payments through
bank accounts around the world.”
Earthport’s technology will allow Visa to further expand and
scale Visa Direct’s rapidly growing portfolio of use cases,
including funds disbursements, peer-to-peer payments, cross border
payments, marketplace payouts, and bill payments. Over the last 12
months, Visa Direct’s transaction count growth has continued to be
over 100% - showing the demand for faster, smarter money movement
among consumers and businesses around the world.
About Visa Inc.
Visa Inc. (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 connected commerce on any
device, and a driving force behind the dream of a cashless future
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 Earthport
Earthport (AIM: EPO) provides cross-border payment services to
banks, money transfer service providers and businesses via the
world’s largest independent ACH network. Customers gain new levels
of predictability, transparency and cost-efficiency without
intermediary deductions or landing fees. This is underpinned by
bank-grade compliance expertise, providing peace of mind to
clients, and end-to-end FX, treasury and cash management solutions
to support customers with their growth.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are identified by words
such as “will,” "is expected," and other similar expressions.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding the benefits to Visa arising from
the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as
of the date they are made; (ii) are not statements of historical
fact or guarantees of future performance; and (iii) are subject to
risks, uncertainties, assumptions or changes in circumstances that
are difficult to predict or quantify. Therefore, actual results
could differ materially and adversely from Visa’s forward-looking
statements due to a variety of factors, including the risk that the
transaction may not be consummated; the closing conditions relating
to the transaction; and various other factors, including those
contained in our Annual Report on Form 10-K for the fiscal year
ended September 30, 2018, our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2019, and our other filings with the U.S.
Securities and Exchange Commission.
You should not place undue reliance on such statements. Except
as required by law, we do not intend to update or revise any
forward-looking statements as a result of new information, future
developments or otherwise.
1 Accenture Market Sizing, 2017, Annual Addressable PV for Real
Time Payments, all markets
2 Use cases are for illustrative purposes only. Program
providers are responsible for their programs and compliance with
any applicable laws and regulations
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190507006199/en/
Media ContactsMark HooperVisa Inc.+44
2072971356hooperm@visa.com
Will StickneyVisa Inc.415-805-5218wstickne@visa.com
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