Visa is looking to cosy up to fintech firms through the launch of an online portal giving them „unprecedented” access to its technologies and network, accordinfg to finextra.com.
Visa estimates that some $17 trillion in consumer payments are still made with cash or cheques, and that there are 1.7 billion people around the world who are still outside of the formal financial sector.
This offers a huge opportunity for fintech upstarts with new forms of digital payments. To help these firms, and keep itself at the table, Visa has launched Visa Partner, a one-stop shop to simplify the process of working with the payments giant, helping fintechs more easily leverage its network, resources and tools.
The portal helps with fast digitised licensing; offers a comprehensive partner directory full of BIN sponsors, issuer processors, PCI, compliance and KYC and AML partners; and contains educational videos that teach the basics of payments and issuing.
“Fintechs are constantly innovating on our network and creating new types of payment flows that we think will continue to push the boundaries on better ways to pay, everywhere,” says Terry Angelos, global head, fintech, Visa. “Through the launch of Visa Partner, we are making it easier for fintechs to launch with Visa, enabling them to innovate faster and bring new payment flows to market.”
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”