Visa Inc. (NYSE: V) has entered into a global partnership agreement with TransferWise after the successful collaboration on Cloud Technology. The firms have also disclosed the initial use of Visa Cloud Connect. Visa Cloud Connect is an innovative way for partners and fintech to successfully integrate Visa Net, a global processing network of Visa.
This Visa Cloud Connect will support and strengthen the partnership between Visa and TransferWise. It will also be helpful for the growth of multi-currency debit cards in Europe, the US, UK, etc. of TransferWise. The multi-currency account of TransferWise also provides a unique feature to the client.
Its client will be able to keep & transform 55 currencies at the real exchange rate using a multi-currency account. Not only this but also its clients will be able to pay & withdraw straight from any of the currency balances. The decision to expand into new markets needed a lot of substantial investment in telecommunication infrastructure, payment hardware, & local data centers.
But the right solution for TransferWise is Visa’s Visa Cloud Connect. It will automatically lessen the cost related to the local connectivity. Moreover, Visa Cloud Connect also accelerate the launching plan of TransferWise. TransferWise can rapidly create a safe link to VisaNet via its cloud provider.
Visa disclosed that TransferWise has started building a link with it last year when it came with a task of the global launch of its debit card program. This current partnership between both the companies will solve the issue of TransferWise. Visa aimed to speed up the businesses of their fintech partner.
On the other hand, TransferWise is endeavoring to remove the border barriers in the fintech world. Its main motto is that the card must work throughout the borders the same way they work in the boundaries of its nation. TransferWise is excited to see the outcome of this collaboration and hoping to affect a new group of global financial organizations throughout the world.