TransferWise and Visa Announce the Global Partnership for a Successful Cloud Technology Collaboration
Visa, TransferWise | February 02, 2021
Visa and TransferWise have agreed and announced a global partnership to successfully launch the first use of Visa Cloud Connect. This new launch is for fintech and partners to securely connect Visa's global processing network, VisaNet, through the cloud. The new technology creates a new global agreement between Visa and TransferWise that will allow TransferWise to expand its multi-currency debit cards, mainly in Europe, Asia Pacific, the Middle East, Latin America, the Caribbean, U.K., and U.S.
Today, global card programs are expanded into multiple countries in local data centers. These programs require specialized hardware, telecommunications infrastructure, and coordination with local partners to adhere to regional standards. Visa’s new Visa Cloud Connect platform is set to provide a secure cloud-based connection, including Visa-hosted security services such as PIN key management, transaction encryption, simplified settlement in local markets, and unified certification and testing framework.
This technology and services combination will simplify global connectivity and testing, lower IT costs through cloud integration, and speed up the time to launch programs in new regions. This will be particularly beneficial for TransferWise operating on cloud-based systems from their inception. Visa Cloud Connect is currently at an initial stage with TransferWise but is slated for global availability for other clients by August 2021.
TransferWise and Visa, with the help of cloud technology, are now allowing consumers and businesses a secure platform to convert 55 currencies at the real exchange rate. Customers and businesses can now withdraw money directly online. With Visa Cloud Connect, TransferWise can immediately establish a secure connection to VisaNet through its cloud provider. This will eliminate the need for costly local connectivity and speed up TransferWise’s future services. The collaboration is also expanding the chances of offering the cloud platform into new markets.
Before the collaboration, TransferWise was facing multiple challenges to enable the global rollout of their debit card program, Jack Forestell, executive vice president and chief product officer of Visa, mentioned. Visa found this an opportunity to partner with TransferWise and showed keen interest in helping today’s fintech innovators scale up quickly. With cloud technology, Visa Cloud Connect was created and tapped to introduce one of the most secure, reliable, and flexible systems globally through a single integration.
The new Visa Cloud Connect is a significant step to remove borders in the world’s financial networks. It has bridged the gap between borders and the process of money transfer among them through a seamless technology cloud no matter from where it needs to be done. The collaboration is likely to impact the next generation of multinational financial institutions worldwide.
TransferWise is known as one of the top global technology companies involved in creating the best methods to transfer money around the world. Whether you want to send money to another country, want to send money abroad, or giving or receiving international business payments, TransferWise does in the most smarter ways. It offers a multi-currency platform for travelers, expats, and freelancers that works for customers. In total, 55 currencies are exchanged. The company started its venture in 2011, controlled by Taavet Hinrikus and Kristo Käärmann, now has become one of the world’s fastest-growing tech firms globally. It has raised over $1 billion in primary and secondary transactions from investors such as Lead Edge, D1 Capital Partners, Vitruvian, IVP, Lone Pine, Andreessen Horowitz, Merian Chrysalis Investment Company Ltd, Valar Ventures, Sir Richard Branson, and Max Levchin from PayPal.
Visa is also the world’s digital payments leader. Having a mission to connect the world through the most innovative, reliable, and secure payment network has helped businesses and economies to thrive considerably. The advanced global processing network of VisaNet provides secure and reliable payments around the world. With such an ability, the company has been capable of handling more than 65,000 transaction messages a second globally. The company’s persistent 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 leads as a brand, product, and network. It is thus, reshaping the future of commerce.