Visa announced a global collaboration with financial services provider, TransferWise to facilitate the expansion of TransferWise’s multi-currency debit cards in different regions including Europe, the US, Asia Pacific, Latin America, the Middle East, the Caribbean and the UK.
According to an official announcement, the new partnership will enable TransferWise to establish a secure connection of VisaNet through Visa Cloud Connect. The collaboration will eliminate TransferWise’s need for costly local connectivity infrastructure.
Visa Cloud Connect is an innovative way for leading fintech companies around the world to integrate Visa’s global processing network, VisaNet, through the cloud. TransferWise now has more than 10 million customers and the company is moving nearly $6 billion in cross-border transactions every month.
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Commenting on the recent partnership, Kristo Käärmann, Co-founder and CEO of TransferWise, said: “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.”
TransferWise launched multi-currency accounts in 2018 and the company has launched more than 1 million debit cards since then through different global partners. The multi-currency account allows retail customers and businesses worldwide to hold and convert 55 currencies at the real exchange rate. The new partnership will enable TransferWise to accelerate its global expansion with the issuance of debit cards across different locations around the world.
“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 fintech companies to quickly and securely connect with Visa’s massive scale and reach,” Jack Forestell, Executive Vice President and Chief Product Officer at Visa, said in a statement.