Visa, a world leader in digital payments, is expanding its ‘Fintech Fast Track’ programme beyond card issuance to connect members to Visa’s real-time money movement platform, Visa Direct. This comes at a time when Visa acknowledges the possibilities created by embedding payment capabilities.
As the payments landscape evolves, fintechs of various sizes are trying to find their unique space. Fintech innovators need ways to differentiate their offerings – and embedding payment capabilities has proven to be a successful strategy for speeding up transactions.
Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships at Visa, commented, “Fintechs are a vital growth engine for the payments industry, and Visa is committed to supporting their progress. The enhanced Fast Track program offers fintechs personalized tools and resources to innovate and excel. We believe this will be a gamechanger that will catalyze new growth opportunities within this community, and further our mission to uplift everyone, everywhere.”
With the expansion of Fast Track to include Visa Direct, fintechs can now launch programs through their financial institutions to enable transfers to eligible cards, bank accounts, and wallets around the world.
Fintech Fast Track partners also can work with the Visa Consulting & Analytics team on one project from a curated selection of offerings, specifically designed to help early stage fintechs grow their portfolio.
The Fintech Fast Track program offers partners a solution from Visa’s menu of options, including:
Merchant Search API: allows businesses to search for information about a merchant.
Visa Stop Payment Service: enables financial institutions to stop payment on a specific check or range of checks.
Visa Risk Manager solution: helps financial institutions manage and mitigate payment risks. The program now provides a 12-month free trial of this solution.
Visa Consulting & Analytics has developed capabilities to support key needs of Fintech Fast Track partners. This enhanced and more personalized approach ensures fintechs receive maximum value from the Fast Track program.
Additionally, the program now includes the opportunity for up to $100K worth of Amazon Web Services (AWS) Activate credits for cloud consumption, business support, and personalized content and offers.
Colella further added, “Our portfolio of fintech partners is diverse and continues to expand. This generation of fintechs is addressing challenges and pain points for specific groups, professions, and online communities, and designing tools to bridge the gaps in the payment ecosystem.”
Over the last year, Visa has signed 42 new clients to Fintech Fast Track in North America.
Visa facilitates payments transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Visa Direct provides a single point of access and reaches over 8.5 billion endpoints capability, including over three billion cards, three billion accounts and 2.5 billion digital wallets.
This Service supports multiple use cases such as person-to-person payments and account-to-account transfers, business and government payouts to individuals or small businesses, and merchant settlements and refunds.
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