Visa announced the completion of the Pismo acquisition procedure.
The specified deal will expand the ownership structure of the mentioned financial services industry giant. With the addition of a global cloud-based issuer data processing platform and a basic banking platform, Visa will provide relevant solutions to customers. The corresponding information is contained in a press release published last Tuesday, January 16, by the company that acquired Pismo.
Also, after the implementation of the deal, Visa will be able to provide customers of financial institutions with support and connection to emerging payment methods and payment networks in real time. The relevant information is contained in the press release.
Jack Forestell, director of products and strategy at the mentioned company, stated that the core banking and issuer data processing capabilities are key offerings for many clients of financial institutions included in the firm’s service system and fintech partners. He also noted that after the acquisition of Pismo, Visa will be able to expand the specified offers and improve the quality of service to the ecosystem.
The press release informs that the Pismo management team, including the co-founder and CEO of this brand Ricardo Josua, will remain in their previous positions. Mr. Josua said that the combination of his company and Visa will allow customers to launch innovative payment solutions and banking products within a single cloud platform, regardless of network, geography, and currency. Also, according to him, the completion of the deal is the beginning of a new era for the banking and payment industry.
Visa announced its intention to acquire Pismo in June last year. In the summer the giant of the financial services industry announced its intention to spend $1 billion in cash on the implementation of the relevant deal. At that time, Visa described the acquisition of Pismo as an opportunity to provide customers with more solutions and as an opportunity to expand the geography of this brand’s presence. Currently, Ricardo Josua’s company operates in the Asia-Pacific region, Europe and Latin America.
The media first reported Visa’s intentions for Pismo in March 2023. At that time, the giant of the financial services industry was competing with at least one firm for the implementation of the relevant deal.
The expansion of Visa’s ownership structure can have a ripple effect, as this company serves millions of merchants and businesses, and also consumers interacting with the mentioned actors of a huge functional system. The financial services industry giant has also formed security and regulatory compliance measures.
Last week, it became known about the beginning of cooperation between Visa and CIBC bank. As a result of this partnership, the clients of the specified lender will have access to more convenient mechanisms for making cross-border money transfers.
Visa is currently a global leader in the sphere of digital payments. The company’s solutions facilitate transactions between consumers, merchants, financial institutions, and government agencies in more than 200 countries and territories. The mission of the firm is to connect the world through an innovative, convenient, reliable, and secure payment network.
As we have reported earlier, Visa and TECH5 to Promote Digital ID-Based Payments.
