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Visa’s Fast Track Program Accelerates Worldwide Growth of the Fintech Industry

  • The Fast Track program has grown 280%, highlighting the surge in demand for digital payments worldwide.

  • Fast Track allows both new and established businesses to leverage the speed, security, reliability, and scale of the Visa network.

  • Visa partners including Airwallex, Fundation and Rappi have used their ongoing focus on innovation and growth to be nimble in their reactions to COVID-19.


Fintechs are a central part of the global payments ecosystem, and amidst COVID-19 have launched further into the spotlight, reporting sizable upticks in the usage of their apps1, as more people manage their money from their personal devices. Visa (NYSE: V), today, is proud to announce its continued support of the global Fintech community, having grown the Fast Track program to over 140 Fintechs2. Since expanding globally in mid-2019, the Fast Track program has grown 280%3, highlighting the surge in demand for digital payments worldwide.

Fast Track allows both new and established businesses to leverage the speed, security, reliability and scale of the Visa network to get up and running quickly, taking the process from months to weeks. The program provides turnkey access to Visa’s ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business. With new members from Africa, Asia Pacific, Europe, Latin America, the Middle East and North America, these Fintechs are transforming how consumers and businesses manage money, invest, receive loans and send payments worldwide.


Our goal is to bring cutting-edge Fintechs into the Visa ecosystem, to help them grow and scale their business in record time, Through programs like Fast Track, Visa is committed to helping Fintechs, many of which are small businesses, advance their potential and get into market quickly, so they are ready to provide innovations that move the world forward everyday – especially in current times.

- Terry Angelos, senior vice president and global head of Fintech, Visa.


Fast Track Fintechs Focus on Recovery

Visa partners including Airwallex, Fundation and Rappi have used their ongoing focus on innovation and growth to be nimble in their reactions to COVID-19. Australia-founded Airwallex has extended support to Australia and UK-based small businesses in need by offering to waive their international transactions fees and U.S.-based Fundation is helping small businesses quickly get the capital they need during these times. Rappi out of Colombia has begun piloting food delivery by robots, working to minimize the spread of the virus. In these videos, Airwallex and Rappi both talk about their experiences in working with Visa.
 

Read More: Comerica Bank Processed About 13,000 PPP Loan Applications Approved by the U.S. Small Business Administration (SBA)
 

Visa Welcomes a New Class of Innovators

The newest members of the Fast Track program span a diverse range of companies, including female-founded Fintechs, digital currency wallets, consumer-centric and business-to-business (B2B) solutions providers. Highlights include:

  • New Enablement Partners: Fast Track is made possible due to collaboration with enablement partners who are the critical technology companies that lay the foundation for Fintechs to build their products. Announced today, three new program manager enablement partners – Cascade FinTech, Deserve and PEX – are becoming part of Fast Track in the U.S., joining a class of leading companies like Galileo, Marqeta and Stripe, bringing the total number of enablement partners to more than 20 globally.

  • Female Founders:Visa is committed to the advancement of women’s economic growth. Visa’s investment in women-owned businesses is further emphasized by the inclusion of global female-founded Fintechs, Australia-founded Airwallex, and North America-based gogo Getter and Kikoff.

  • Digital Currency Wallets:Digital currency enabled wallets have grown exponentially, with over 139 million user accounts in existence today4. In support of this burgeoning market, digital currency-focused Fast Track companies including Fold, Genesis Block and TrustToken are connecting their consumers to Visa’s 61 million merchant locations worldwide.

  • Consumer Finance Management:Across platforms, Visa aims to make the everyday management of money easier for consumers. Fast Track companies including Europe-based Lydia and Swile, Paga in Africa, SoLo Funds in the U.S., and United Arab Emirates-based Wally are among those simplifying money management and driving Fintech app adoption in their communities.

  • Small Business Support:Visa continues to transform the B2B payments space for the digital age. UK-based digital lender Capital on Tap, which provides credit cards and loans to over 60,000 SMBs, and U.S.-based Fundation, which provides an application processing platform for banks and small business lenders, are part of the program. Konfio, a Mexico-based startup that uses a data-first approach to enable fast credit assessment for SMBs, and Neat, a Hong Kong Fintech startup enabling SMEs to grow their business globally, are also standout members creating new B2B innovations from across the globe.
     

Read More: Google Cloud announced the launch of the PPP Lending AI Solution
 


Right now, it’s more important than ever to help small businesses navigate through unknown financial challenges, By working with Visa and through the Fast Track program, we have been able to offer small businesses access to financial services that they’re often not given, and provide options to SMEs who need credit lines to pay for necessities, which is especially important in today’s environment. We have also developed tools and market research to complement our financial services.

- David Arana, chief executive officer, Konfio.


About Visa Inc.

Visa Inc. (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. 

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AffiniPay Launches AffiniPay IQ, Generative AI for Legal Tech Industry

AffiniPay | January 24, 2024

AffiniPay, the leader in online payments and software solutions for professionals, announced the launch of generative AI embedded in its leading legal technology products, MyCase, CASEpeer, LawPay, and Docketwise. “At AffiniPay, we believe generative AI can drive the type of efficiencies and insights that will result in better outcomes for our customers and their clients,” said Dru Armstrong, Chief Executive Officer of AffiniPay, parent company of MyCase, CASEpeer, LawPay, and Docketwise. “As a trusted technology partner, we have big plans to empower our customers with AI, and are excited to announce the launch of AffiniPay IQ.” According to the newly released 2024 LawPay and MyCase Legal Industry Report, productivity is a key driver for generative AI investment, with 75% of law firms citing it as the top reason for their interest in AI. To meet this demand, AffiniPay is investing in generative AI and plans to roll out new solutions in a phased manner across the legal product suite. Starting with a MyCase beta, AffiniPay plans to extend various AI solutions to CASEpeer, LawPay, and Docketwise in the coming months. The company’s vision is that customers will be able to utilize AI-powered conversational interface that will enable users to access their data and generate insights using natural language, directly within the interface. These future features will include Case and firm search: Attorneys and staff can quickly get answers to their questions around a specific case or client, saving time in their day Intelligent insights: Law firms can receive customized recommendations to optimize intake, productivity, cash flow, and more Automation: Firms can create workflows, send payments, and open files - all by interacting with the platforms in a conversational way, just like they would with a trusted assistant The first beta release of AffiniPay IQ features include document summarization and text editing, both of which will be woven seamlessly into the suite of AffiniPay’s legal products. Starting with MyCase and CASEpeer, the following AI features will be built into daily workflows Document summarization: Empowers law firms to review case documents quickly using AI-generated summaries of their contents Text editing: AI-powered text editing embedded into the product to allow style updating, tone changes, and summarization “We are committed to our responsible approach to innovation, and are excited to launch generative AI functionality into our software that serves our customers and their needs, and no one else,” said Bryan Thompson, Chief Technology Officer of AffiniPay. “This is the first of many thoughtful generative AI features that our team will be weaving into our product suite over the coming months.” The second release of AffiniPay IQ features will include Communication drafts: Attorneys and staff can quickly generate first drafts of client communications or invoice reminders Translations: Users can translate text into different languages instantly Task & event generation: Law firms can select and analyze text in notes, documents, or emails, and receive suggestions for tasks or events, saving time at every step Data population: Docketwise-specific AI feature that instantly extracts key information from copies of passports, drivers’ licenses, and birth certificates, to automatically populate immigration SmartForms AffiniPay invites legal professionals to experience AffiniPay IQ from Jan. 29 - Feb. 2, during Legalweek in New York, where both LawPay and MyCase are sponsors. About AffiniPay AffiniPay is a market leader in practice management software and online payments for professionals serving legal, accounting, architectural, engineering, and construction firms. AffiniPay has been recognized as one of Inc. 5000’s fastest-growing companies for 12 years in a row. Each of its brands leads the market it serves with solutions purpose-built by industry including LawPay, MyCase, CASEpeer, Docketwise, CPACharge, and AffiniPay for Associations. AffiniPay’s solutions are trusted by more than 245,000 legal & accounting professionals with more than 150 strategic partnerships and endorsements, including the American Bar Association and the American Institute of Certified Public Accountants.

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