TransferWise has entered into a partnership with Visa to expand its multi-currency debit cards in various regions, supported by Visa Cloud Connect.
Visa’s cloud technology enables fintechs and partners to connect its global processing network, VisaNet, through the cloud.
By tapping this technology, TransferWise will support the rollout of its debit cards in the Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, the UK, and the US.
TransferWise serves ten million customers and processes $6bn in cross-border transactions per month.
Its multi-currency account has issued over one million debit cards. It lets consumers and businesses to hold and convert 55 currencies at real exchange rates.
The card allows users to spend and withdraw funds from any of the currency balances.
By connecting with VisaNet, TransferWise eliminates the need for investing in data centres, telecommunications infrastructure and payment hardware.
The new Visa Cloud Connect platform offers a cloud-based connection to VisaNet, with Visa-hosted security services such as transaction encryption and PIN key management.
Currently, the platform is in a pilot phase with TransferWise. It will be available for other clients worldwide in August 2021.
Visa EVP and CPO Jack Forestell said: “With Visa Cloud Connect, we have 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 have created a blueprint for other fintechs to quickly and securely connect with Visa’s massive scale and reach.”
TransferWise co-founder and CEO Kristo Käärmann said: “We have 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.”