Visa expands its fintech Fast Track program with two new components

18 noiembrie 2020

Fast Track participation has grown 360% year-over-year, and Visa has welcomed hundreds of fintechs2 who are actively engaged in the program.

Visa today announced two new components of its fintech Fast Track program: 1) A rich Partner Toolkit to help fintechs accelerate their growth and better serve their customers and 2) A certification program called Visa Ready for Fintech Enablers, which makes it easier for fintechs to quickly connect with certified1 partners for digital issuance and other key services.

It’s thrilling to see fintech partners utilize our programs and network to digitize financial services and improve the lives of the consumers and businesses they touch,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Through the Fast Track program, we’re providing fintechs with a simple set of tools to bring their products to life. The resources we provide, such as online licensing and card design, have helped make Fast Track the leading program for fintechs.

Introducing the Fast Track Partner Toolkit

Visa has introduced a Fast Track Partner Toolkit designed specifically for fintech partners who onboard with the program. The toolkit was created to accelerate a company’s growth and provides access to Visa’s experts in strategy, marketing, design, risk management, and more. Through the toolkit, partners can leverage educational resources like payments boot camps to help upskill a company’s knowledge of the industry, tap into key strategic resources to craft customized benchmarking studies and utilize Visa’s online card design tools to help build and launch a card into market quickly.

Powering the Digital Issuance Journey with Visa Ready

Visa Ready certification for “Fintech Enablers” is designed to help technology companies build and launch payment solutions that meet Visa’s global standards around security and functionality. These companies are in turn helping fintechs around the world build their own products by providing the solutions and expertise they need to get up and running.

Available today, Visa Ready for Fintech Enablers establishes a certified ecosystem of partners who are experts in the capabilities fintechs need to launch and operate products effectively on the Visa network. Recently, the Visa Ready program has added new partners from across the globe— from Sao Paulo to Singapore.

Fast Track Experiences

Of the hundreds of global companies now part of the program, some of the most recent innovators to join Fast Track include:

Digital Wallets: Working with companies like Careem PayLINE PayNubiPagaPalmPayRazer, and Vipps, Visa is expanding access to digital payments by meeting evolving consumer preferences for managing their money – and transforming some formerly closed-loop systems limited to certain geographies or functionalities into open ones, giving users greater choice, security and utility.

Advancing Financial Inclusion and Social Impact: Ensuring that consumers and businesses in all parts of the world have access to the financial tools and products to improve their lives is core to Visa’s mission. Companies like CapWay are helping to bring underrepresented communities access to digital payments, while Cuenca provides free accounts that can be opened in under 5 minutes. Daylight is a digital banking platform focused on improving the financial lives of the 30M+ LGBT+ in the U.S. and the first fintech in the U.S. to focus specifically on the LGBT+ community. MPOWER Financing and X1 are pioneering new methods of extending credit to demographics like undergrads and international students. SoLo Funds aims to provide affordable loans for Americans who live paycheck to paycheck, and Tomorrow aims to bring change to the mobile banking sector through its commitment to climate protection, sustainability and economic change.

B2B Payments: Visa is transforming B2B payments, a segment that represents $120 trillion in opportunity3, in its work with Fast Trackmembers in every corner of the world, including: AirwallexCheckbook.ioGMO-Payment GatewayKonfio, and Payhawk.

Digital Currency Advancement: Visa is working closely with companies likeBlockFiCrypto.comeToro MoneyFoldTernio.ioZap and ZenGo to connect digital currencies and its existing network of 61 million merchants.

New Enablement Partners: Fast Track is made possible due to collaborations with enablement partners who lay the foundation for fintechs to build their products. Announced today, Galileoi2c, and Peoples Trust, are becoming part of Fast Track in Canada, joining a class of over 25 enablement partners around the world. From LAC, Visa has new partners like Cacao that offer BIN sponsorship, issuer processing, and program management.

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1 Visa Ready partners are vetted and certified based on a specific set of criteria including, but not limited to, their ability to support digital issuance, ability to support multi-tenant architecture and ability to manage risk, among other capabilities.

2 Visa Fast Track Global Data, September 2020

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?