TransferWise taps into new Visa cloud-connection

Online money transfer service TransferWise has announced a global partnership with Visa.

The partnership will facilitate the expansion of TransferWise’s multi-currency debit cards across Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, U.K. and U.S.

It will be the first user of Visa Cloud Connect, a new cloud-based method for FinTechs to connect with processing network VisaNet.

According to the London-based company, 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.

The company said that expanding into new markets would have previously required significant investment in local data centres, telecommunications infrastructure, and specialised payment hardware.

Instead the business can establish a connection to VisaNet through its cloud provider, which eliminates the need for costly local connectivity and will speed 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.

He added: “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.”

Kristo Käärmann, TransferWise co-founder and chief executive, 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."

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