TransferWise and Visa Announce Global Partnership Following Successful Collaboration on Cloud Technology
TransferWise to expand debit card program accompanying its multi-currency account into dozens of new markets using new Visa Cloud Connect infrastructure
SAN FRANCISCO & LONDON--(Business Wire / Korea Newswire) January 27, 2021 -- Visa (NYSE: V) and TransferWise today announced a global partnership and the first use of Visa Cloud Connect, a new way for fintechs and partners to securely connect Visa’s global processing network, VisaNet, through the cloud. Visa Cloud Connect underpins a new global agreement between Visa and TransferWise that will enable the expansion of TransferWise’s multi-currency debit cards in Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, U.K. and U.S.
The TransferWise multi-currency account allows consumers and businesses to hold and convert 55 currencies at the real exchange rate. The multi-currency debit card lets customers spend and withdraw directly from any of the currency balances. Expanding the offering into new markets would have previously required significant investment in local data centers, telecommunications infrastructure and specialized payment hardware. With Visa Cloud Connect, TransferWise can quickly establish a secure connection to VisaNet through its cloud provider, eliminating the need for costly local connectivity and speeding up TransferWise’s roll out plans.
“The TransferWise team came to us last year with a challenge: enable the global rollout of their debit card program, and do it entirely in the cloud,” said Jack Forestell, executive vice president and chief product officer, Visa. “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 fintechs to quickly and securely connect with Visa’s massive scale and reach.”
“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,” said Kristo Käärmann, TransferWise co-founder and CEO.
Connecting Visa’s state-of-the art infrastructure with the cloud
Today, global card programs expanding into multiple countries require investment in local data centers using specialized hardware and telecommunications infrastructure as well as coordination with local partners to adhere to regional standards. This can slow down new rollouts and delay customer adoption. Visa’s new Visa Cloud Connect platform provides a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management, and simplified settlement in local markets.
This combination of technology and services simplifies global connectivity and testing, lowers IT costs through cloud integration, and speeds time to market for launching programs in new geographies. This is particularly beneficial for new types of clients like TransferWise who have been operating on cloud-based systems from their inception.
Visa Cloud Connect is currently in pilot phase with TransferWise and is slated for global availability for other clients in August 2021.
TransferWise Multi-currency Account
TransferWise, now 4-years profitable, serving 10 million customers and moving $6 billion in cross-border transactions every month, will be the first company to integrate globally with Visa via a single integration. This will dramatically speed up TransferWise’s plans to rollout to customers the debit cards that accompany its multi-currency account in a host of new markets.
Since launching the TransferWise multi-currency account in 2018, the company has issued more than 1 million debit cards through existing processors and partners. The account and card help people and businesses avoid high foreign transaction fees and costly exchange rates when travelling, managing their money in multiple currencies, or doing business across borders.
Visa (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
TransferWise is a global technology company that’s building the best way to move money around the world. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, TransferWise is on a mission to make your life easier and save you money. The TransferWise account is the first multi-currency account for travelers, expats and freelancers that allows customers to hold, spend and send money in 55 currencies at the real exchange rate, with local bank details to receive funds in the UK, US, Australia, New Zealand, Singapore, Europe and Hungary. Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s fastest growing tech firms having raised over $1 billion in primary and secondary transactions from investors such as D1 Capital Partners, Lead Edge, Lone Pine, Vitruvian, IVP, Merian Chrysalis Investment Company Ltd, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin from PayPal.
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