Wednesday, November 25, 2020 / 11:00 AM / By Visa / Header Image Credit:Visa
The COVID-19 pandemic has created major financial challenges for businesses and consumers alike. As money management becomes increasingly digital, fintechs play a pivotal role in helping to restore and rebuild the global economy. To provide increased support for the ecosystem, Visa (NYSE: V) today announced two new components of its fintech Fast Track program:
Fintech leaders around the world are increasingly choosing to work with Visa across key categories including digital wallets, digital banking, 'Buy Now, Pay Later', B2B payments, cross-border remittance, bill payments, payments infrastructure, and person-to-person payments. Recent examples of fintechs partnering with Visa include Sparkle, PayPal, Stripe, Wallet Africa, Kuda Bank, Arca, Paga, ZappGroup and, Chipper cash among many others.
With the expansion of Visa's industry leading Fast Track program, fintechs are armed with the tools to become category winners. Fast Track participation has grown 360% year-over-year, and Visa has welcomed hundreds of fintechs2 who are actively engaged in the program.
"It's thrilling to see fintech partners utilize our programs and network to digitize financial services and improve the lives of the consumers and businesses they touch," said Otto Williams, CEMEA Vice President, Head of Strategic Partnerships, Fintech & Ventures, Visa. "Through the Fast Track program, we're providing fintechs with a simple set of tools to bring their products to life. The resources we provide, such as online licensing and card design, have helped make Fast Track the leading program for fintechs."
Introducing the Fast Track Partner Toolkit
Visa has introduced a Fast Track Partner Toolkit designed specifically for fintech partners who onboard with the program. The toolkit was created to accelerate a company's growth and provides extraordinary access to Visa's experts in strategy, marketing, design, risk management, and more. Through the toolkit, partners can leverage educational resources like payments boot camps to help upskill a company's knowledge of the industry, tap into key strategic resources to craft customized benchmarking studies and utilize Visa's online card design tools to help build and launch a card into market quickly.
Powering the Digital Issuance Journey with Visa Ready
Visa Ready certification for "Fintech Enablers" is designed to help technology companies build and launch payment solutions that meet Visa's global standards around security and functionality. These companies are in turn helping fintechs around the world build their own products by providing the solutions and expertise they need to get up and running.
Available today, Visa Ready for Fintech Enablers establishes a certified ecosystem of partners who are experts in the capabilities fintechs need to launch and operate products effectively on the Visa network. Recently, the Visa Ready program has added new partners from across the globe- from Sao Paulo to Singapore. New certified processing partners include BPC Radar Payments (Global), Conductor (LAC), FIS (Global), Global Processing Servicesi2c (Global), Marqeta (Global)and NovoPayment (LAC, NA)Similarly, Visa has certified BIN sponsors across the world that help stand up programs for fintechs including Dock (LAC), Nium (APAC, EU), Railsbank (APAC, EU)Sutton Bank (NA).
Fast Track Experiences
Of the hundreds of global companies now part of the program, some of the most recent innovators to join Fast Track include:
For more information on Visa programs and resources built for the fintech community, visit here.
1. Visa Ready partners are vetted and certified based on a specific set of criteria including, but not limited to, their ability to support digital issuance, ability to support multi-tenant architecture and ability to manage risk, among other capabilities.
2. Visa Fast Track Global Data, September 2020
3. Visa Q4 2020 Earnings Call Transcript