Fintechs will be able to connect to Visa’s
payment network in as little as four weeks
Taipei, Taiwan – November 19, 2018 —
Visa
(NYSE: V) today announced it is expanding its fast-track program to support
fintechs in Asia Pacific that are developing the next
generation of digital payment solutions. Already rolled out in Europe and Latin
America, the fast-track program speeds up the process for fintechs to integrate
their payment solutions with VisaNet, Visa’s global network.
Beginning
this month, fintech companies based in Asia Pacific can onboard to Visa’s
global network in as little as four weeks. The fast-track program has been
tailored to Visa’s fintech partners’ needs, adapting to their realities and
providing them with processes that are faster, which include reducing the
number of onboarding conditions. The program also links fintechs to platforms
that are already certified by Visa and connects fintechs to sponsoring banks.
Chris
Clark, regional president, Asia Pacific, Visa, said, “The Asia Pacific region
is home to some of the world’s most innovative fintech companies and they’re
putting new payment experiences in the hands of consumers and businesses every
day. As a network business, Visa is in a prime position to help these fintech
companies expand their reach, both by making their solutions available on our
network and collaborating with our financial institution partners.
“Payment
innovation is accelerating at an unprecedented pace in Asia Pacific, and Visa’s
goal is to make it faster for new solutions to be commercially available. We
believe that working collaboratively across the industry is the best path to
making tomorrow’s payment experiences a reality,” said Clark.
The
fintech fast-track program provides a new commercial framework that includes
access to Visa’s payment capabilities, reduced fees and streamlined processes. After
successful launches in June in Europe and in Latin America in October, the
program is now available to fintechs in Asia Pacific. The initial focus for Asia Pacific will be to
support fintechs that are innovating in verticals such as wallets, instalments,
and digital banking.
The fast-track program is one of
several initiatives of several Visa programs designed to support fintech and
startup companies. These include:
·
Investment: Visa continuously
evaluates and invests in companies that have the potential to advance digital
payments for our clients and their customers. Recent fintech investments globally
have included Klarna, solarisBank, Marqeta and Paidy in Asia Pacific.
·
Partnership: Many payment platforms and
fintechs are already collaborating with Visa globally to create new consumer
and merchant experiences, including YellowPepper, NovoPayment, novae, Increase,
Contis, EVRY, Jaja, Revolut, Wirecard and Taiwan’s Cherri Tech.
·
Engagement: Visa’s Everywhere Initiative,
a global innovation program that tasks startups with solving some of the most
challenging issues in payments and commerce, has been running in Asia Pacific
since 2016.