Currently, Visa Cloud Connect is in the pilot phase and is expected to be available in August 2021
TransferWise and Visa have announced a global partnership following their collaboration and the initial use of Visa Cloud Connect. Through the cloud, partners and fintechs can securely connect Visa’s global processing network, VisaNet.
Visa Cloud Connect will enable the transfer of TransferWise-owned debit cards in the US, Europe, the Caribbean, the UK, Asia Pacific, Latin America, and the Middle East.
By using the TransferWise multi-currency account, businesses and customers can convert and hold 55 different currencies at the real exchange standard. Customers can also spend and withdraw from any of the currency balances directly.
The partnership will enable TransferWise to establish a reliable network to VisaNet via its cloud provider quickly. This will not only speed up the roll-out plans but also eliminate the need for local connectivity, which can be costly.
While global card programs are still in use in most parts of the world, they have many investment needs such as telecommunication infrastructure and local data centers. The process can delay consumer adoption and slow new rollouts. The Visa Cloud Connect allows TransferWise to use Visa’s global infrastructure through a single integration.
The platform also provides a secure connection to VisaNet including Visa hosted security services and a secure cloud-based connection. The infrastructure remains one of the most resilient, reliable, and secure systems globally.
We’ve reported that PayU partnered with Czech fintech to offer deferred payments in Poland.