Klarpay AG, a deposit-taking financial institution authorised by the Swiss Financial Market Supervisory Authority (FINMA), is now a Principal Member of the Visa Network.
Klarpay announced the development on Wednesday in a press statement.
Financial institutions that become Principal Members of the Visa Network are typically larger institutions experienced in risk underwriting, credit management, billing customers and collecting payments.
Additionally, firms that become Principal Members are able to issue cards, disburse cash, acquire merchants and hold settlement risks, among other capabilities.
Klarpay's Principal Member status will give it access to the global payments giant’s bank-to-bank cross-border business transactions network.
It will also enable the Swiss fintech company to be able to support direct card issuance.
Klarpay in the statement said its membership demonstrates its commitment to delivering top-notch services to its growing client base.
“Direct membership in the Visa network offers Klarpay's merchant clients a fast, simple, and integrated way to manage their funds and conduct their day-to-day cross-border transactions,” Klarpay explained in the statement.
Payment in Central Europe
According to Klarpay, the Visa Principal Membership is an addition to the fintech company’s Level 1 Payment Card Industry Data Security Standard (PCI DSS) Certification.
The PCI DSS is a series of compliance standards aimed at ensuring that all companies that process, store or transmit credit card information maintain a secure environment.
Klarpay said that its Level 1 PCI DSS helps to maintain the quality, transparency and strength of its payment security systems.
Klarpay’s CEO, Martynas Bieliauskas, noted that attaining the Visa principal membership has been a key objective of Klarplay since its launch three years ago.
Furthermore, Bieliauskas said the membership will enable the company to absorb the increasing demand for smooth, scalable and accessible payment, banking and digital disbursement solutions.
“As the first FINMA licensed Swiss fintech to work exclusively with e-commerce merchants, digital entrepreneurs and social media influencers, Klarpay seeks to empower online businesses through global, scalable, payment acceptance and remittance solutions,” Bieliauskas explained.
Santosh Ritter, the Country Manager of Visa Switzerland & Liechtenstein, believes that Klarpay’s Visa Principal Membership will enable it to offer a business-to-business connection solution for the first time in Central Europe.
“As part of our fintech commitment, we give Klarpay access to our worldwide Visa network so that they can further empower digital businesses and innovative customer experience,” Ritter said.
