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TransferWise taps new Visa cloud tech for global card programme

TransferWise taps new Visa cloud tech for global card programme

TransferWise is expanding its debit card programme into dozens of new markets after inking a worldwide deal with Visa that will see the money transfer firm connect to the card giant's global processing network via the cloud.

TransferWise is expanding the debit card programme accompanying its multi-currency account - which lets consumers and businesses hold and convert 55 currencies at the real exchange rate - into dozens of new markets in Asia Pacific, Europe, the Middle East, the UK and US.

Normally, such an expansion would require investment in local data centres using specialised hardware and telecommunications infrastructure as well as coordination with local partners to adhere to regional standards.

However, TransferWise is the first firm to pilot the Visa Cloud Connect platform, which provides a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management, and simplified settlement in local markets.

Visa says the platform - which will be made available to other clients from August - simplifies global connectivity and testing, lowers IT costs through cloud integration, and speeds time to market for launching programmes in new geographies.

Jack Forestell, EVP, chief product officer, Visa, says: "With Cloud Connect, we’ve 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’ve created a blueprint for other fintechs to quickly and securely connect with Visa’s massive scale and reach."

Kristo Käärmann, CEO, TransferWise co-founder and CEO, adds: "We’ve 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."

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