9Spokes, a New Zealand-based digital ecosystem that aggregates meaningful data between a business, its apps and banks, and the world’s leader in digital payments, Visa, announced a multi-year global strategic partnership that will enable Visa to offer the 9Spokes dashboarding platform to its financial institution clients and their small business customers.
As COVID-19 has significantly impacted the global economy, businesses have needed to act fast and pivot hard. Adoption of digital technologies accelerated significantly during the pandemic, with a recent global study from Visa showing that 78% of consumers have changed how they pay and 67% of small businesses have tried something new to keep their business afloat. With this trend expected to continue, financial institutions are championing technology to support their business customers with additional resources and introducing more flexible payment arrangements for loans and mortgages. Access to a platform such as 9Spokes’ will be an additional resource as businesses navigate the effects of COVID-19.
The strategic partnership between 9Spokes and Visa represents both parties’ long-term commitment to support the small business community, fuel innovation in business and financial technology and collaborate on product development. For 9Spokes, the relationship is a unique opportunity to work with a leading brand trusted by customers in over 200 countries.
Visa will offer two levels of packages utilizing 9Spokes’ business insights feed - 9Spokes Gold, a white-label, integrated platform for financial institutions, and Direct, 9Spokes’ direct-to business platform. Both of which include Engage, 9Spokes’ automated marketing service designed to support financial institutions acquire, nurture and engage customers.
Adrian Grant, Chief Executive, 9Spokes, said: “This is a proud day for 9Spokes. We’re delighted to partner with Visa, the world’s leader in digital payments, with a global distribution network of 15,500 financial institutions. There is a clear market need for better tools to help drive businesses forward and we have worked hard to create a robust product that can scale globally. This joint effort will help us to accelerate growth and bring 9Spokes to businesses through their financial institutions worldwide. The relationship between financial institutions and small businesses is evolving rapidly and 9Spokes is looking to play a crucial role. It’s exciting to work with Visa to realize these ambitions.”
Kevin Phalen, global head, Visa Business Solutions, said: “As small businesses embark on a path to recovery from the effects of COVID-19, we are seeing a considerable need for relevant market solutions that help our issuing bank clients and, more importantly, their customers. We are excited to partner with 9Spokes and bring a data solution to small business and the banking sectors - a critical need for both.”