Visa recently announced new features to its fintech Fast Track Program.
The new features from Visa include its Partner Toolkit and the introduction of a certification program. Notably, these new components are added to increase support for fintech companies as they help rebuild and restore the global economy.
The Fast Track Partner Toolkit
This partnership aims to benefit fintech groups who make use of the Fast Track program. Visa has created the Fast Track Partner Toolkit to assist the growth of fintech companies and help them to serve their customers in a better way. As a result, companies will enjoy unlimited access to Visa’s team of experts. These experts also include those from different aspects of the company like marketing, risk management, marketing, strategy, and others.
With the Partner Toolkit, fintech companies in the Fast Track program can also have access to educational resources. Such resources include payment boot camps, which offer resources that can boost the knowledge of the company concerning the industry. Such companies can also use these resources to craft customized benchmarking studies. In addition, the educational resources offered by Visa can assist in the building and launching of cards into the market by leveraging Visa’s online card design tools.
Introducing Visa Ready Certification Program
Another exciting feature from Fast Track is the certification program. This certification is coined Visa Ready for Fintech Enablers, and it helps fintechs to seamlessly link up with other certified partners. This connection with certified partners can help in digital issuance and other essential services.
The certification program extends to tech firms and helps them develop and launch reliable payment solutions. These solutions would also meet the security and functionality of the global standards laid down by Visa. In turn, these tech companies will provide the required solutions and expertise to fintech companies around the world to help enable them to develop their own products.
Visa Ready for Fintech Enablers was released on the day of the announcement, and it establishes an authorized consortium of expert partners who can readily assist fintech companies. Any fintech that chooses to effectively build and manage products on the Visa network will be given the required assistance and expertise.
The Visa Ready program also recently added new partners around the world. These newly certified processing partners include BPC Radar Payments (global), Conductor (LAC), FIS (global), Global Processing Services (GPS) (global), i2c (global), Marqeta (global),Nium (EU, APAC), and NovoPayment (LAC, NA).
These Visa Ready partners have been selected and certified in accordance to some specific criteria. Such criteria include their ability to provide support for digital issuance, ability to carry out risk management, ability to support multi-tenant architecture, as well as other criteria.
As Visa has certified partners, it also has certified BIN sponsors from across the globe. These sponsors will offer assistance to stand up programs for fintech companies. The sponsors include Sutton Bank (NA), Nium (APAC, EU), Railsbank (APAC, EU), and Dock (LAC).
Opinions on the Development
A number of individuals spoke out on the development of the Fast Track program.
Amir Wain, CEO and founder of i2c, says, “Becoming part of programs like Fast Track and Visa Ready has allowed us to connect with new companies in the ecosystem and help them realize their product visions without compromise.”
“It’s clear that these programs were built to meet the specific needs of today’s fintechs both large and small and will help everyone in the ecosystem thrive with the tools and partners needed to get to market as quickly, and easily as possible,” Amir Wain added.
Jim Magats, SVP Omni Payments, PayPal, states, “Giving everyone choice in how and where they pay is essential to our mission of providing people and businesses around the world with access to simple, secure and reliable digital payments. We’re excited to be partnering with Visa to advance the future of digital payments and help even more customers get faster access to their funds.”
Visa Expands Fast Track Program to Boost Fintech Participation
Many leaders in the fintech industry have made Visa their choice across essential categories. These categories include digital banking, digital wallets, “Buy Now, Pay Later,” cross-border remittance, B2B payments, payments infrastructure, bill payments, and person-to-person payments. Some fintech companies that have recently entered into partnership with Visa are PayPal, Finix, BillGO, Finix, Varo Bank, Gojek, Stripe, Venmo, Rappi, and Affirm.
According to Mike Pinto, EVP Enterprise Alliances & Product, BillGO, “Today’s digitally-savvy businesses and consumers expect a modern and centralized experience when managing and paying bills — a process that’s been locked in the past with inefficient systems. When it comes to paying bills, everyone expects instantaneous payments and with Visa we are further extending our ability to offer real-time frictionless bill pay.”
As Visa has expanded its Fast Track program, fintech companies have been equipped with the required tools to enable them to become leaders in the industry. Hundreds of fintechs have been welcomed by Visa into the Fast Track program as participation has grown by 360% year-over-year.
“It’s thrilling to see fintech partners utilize our programs and network to digitize financial services and improve the lives of the consumers and businesses they touch. Through the Fast Track program, we’re providing fintech with a simple set of tools to bring their products to life. The resources we provide, such as online licensing and card design, have helped make Fast Track the leading program for fintech,” said Terry Angelos, SVP and Global Head of Fintech, Visa.
Experience Great Services With Fast Track
The Fast Track program is currently offering a variety of services to fintech companies. One such service is the offering of digital wallets. Visa has expanded digital payment access by meeting the money management preferences of consumers. It also seeks to transform closed-loop systems to open ones, thereby giving consumers a greater chance of utility and security.
“Today, the ability to pay digitally is no longer just a convenience but a necessity and with Vipps being the leading digital wallet in Norway, reaching 3.8 million users, we are core to ensuring citizens are able to send, pay and receive money at the touch of a button,” said Vipps CEO Rune Garborg. Vipps is one of the companies working with Visa on digital wallets.
Garborg adds, “With Visa, we are enabling issuing banks to offer smarter and simplified digital payment services to their customers in Europe and beyond. Together with Visa, we are able to leverage our joint expertise, and experience to give consumers and businesses access to secure, digital commerce, regardless of where they live or what mobile device they have.”
In the Fast Track Program, Visa also seeks to promote financial inclusion and create a positive social impact. The program ensures that businesses and consumers from across the globe can enjoy easy access to financial products and tools. This is core to Visa’s mission as such access will improve their lives and businesses. For example, companies like Cuenca provide free accounts to customers, and these accounts can quickly be activated in under five minutes. Additionally, companies like CapWay assist developing communities by giving them access to digital payments.
Sheena Allen, CEO of CapWay, notes, “The mission behind CapWay has always been to provide more financial opportunity, access, and education, particularly for those who have been underserved and overlooked by the traditional banking system. We also knew Visa was the right partner for our team for reasons outside of the fact that they provide the technology and payments prowess. More importantly, we share the same commitment to social impact that underpins the work we do each day at CapWay, and they have been fully supportive in our work to provide a solution as we are entering a predominately cashless economy.”
Notably, Visa also works towards the advancement of digital currencies as can be seen in their partnership with ZenGo, BlockFi, Fold, eToro Money, Zap, Ternio.io, and Crypto.com. Working with these companies helps Visa connect digital currencies to its existing network of 61 million merchants.
Before now, Swipe announced the launch of a new cryptocurrency Visa card that enables users to borrow funds using blockchain technology.
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