Visa has acquired digital payment platform Pismo for $1 billion in cash.
Visa said that the partnership will provide core banking and issuer processing capabilities across payment cards for customers across cloud native APIS.
The Pismo platform will also enable Visa to provide support for payment services for financial institution clients.
The management team at Pismo will remain unchanged after the purchase.
The transaction is subject to regulatory approvals and is expected to close by the end of 2023.
“Through the acquisition of Pismo, Visa can better serve our financial institution and FinTech clients with more differentiated core banking and issuer solutions they can offer their customers,” said Jack Forestell, chief product and strategy officer at Visa.
Earlier this month FIS and HSBC UK partnered with Visa to enable online merchants to accept instalment payments in the UK. The new service will allow HSBC to offer instalment payment options to eligible cardholders at merchant checkouts.
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