TransferWise and Visa Announce Global Partnership Following Successful Collaboration on Cloud Technology
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.