Visa 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 supports 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 US.
The TransferWise multi-currency account offers consumers and businesses the option to hold and convert 55 currencies at the real exchange rate. The multi-currency debit card allows customers to spend and withdraw directly from any of the currency balances. Previously, Expanding the offering into new markets would have required substantial investment in local data centers, telecommunications infrastructure and specialized payment hardware. Through Visa Cloud Connect, TransferWise can quickly establish a secure connection to VisaNet via its cloud provider, eliminating the need for costly local connectivity and speeding up TransferWise’s roll out plans.
Jack Forestell, executive vice president and chief product officer, Visa said:
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. 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.
Kristo Käärmann, TransferWise co-founder and CEO commented:
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.
Expansion of global card programs into multiple countries usually requires investments in local data centers, using specialized hardware and telecommunications infrastructure as well as coordination with local partners to adhere to regional standards. This process can slow down processes, rollouts and delay customer adoption. The Visa Cloud Connect platform provides 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 mixture of technology and services simplifies global connectivity and testing, reduces IT costs through cloud integration, and speeds time to market for launching programs in new geographies. This can be beneficial for new types of clients like TransferWise who have been operating on cloud-based systems from their inception.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.