Visa Announces Global Partnership with TransferWise

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 Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term 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.

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.”

Global Expansion

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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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.