Payables automation platform Scrypt has joined Visa’s Fintech Fast Track program, allowing the company to accelerate its reach, capabilities and security through the company’s global payments network VisaNet, according to a Monday (June 13) press release.
Scrypt’s accounting platform is based on a data operations initiative developed at MIT for the U.S. Department of Defense. The company integrates data processing and decision support technology, powered by artificial intelligence (AI) and machine learning, and uses Big Data to learn over time, the press release says, meaning it can mimic human behavior and perform adaptive decisions to optimize the flow of payables, receivables and payments.
“Scrypt has always placed an enormous emphasis on innovation and our partnership with Visa now gives us the resources to support our initiatives as we quickly scale,” Scrypt CEO and Co-founder Andy Vidan said in the press release. “It’s a huge benefit to our customers and we’re very excited to officially be accepted into the program.”
Visa’s Fintech Fast Track Program provides startups with the ability to access its partner network and experts who can provide guidance in helping them get up and running as efficiently as possible.
“We believe that partnership, collaboration and investment are key to creating new and innovative payment solutions,” Visa SVP and Global Head of Innovation and Digital Partnerships Vanessa Colella said in the press release. “We’re excited to partner with companies like Scrypt who are improving experiences for both consumers and businesses.”
Related: How Visa Helps FIs Tap the $3T BNPL Market
Arvind Ronta, Visa’s global head of installments/BNPL, recently told PYMNTS ongoing programs will let traditional financial institutions and FinTechs transform unused credit lines into buy now, pay later (BNPL) offerings as BNPL grows into a $3 trillion endeavor by 2030.
The transition will make any bank or FinTech into a BNPL provider that can underwrite the loans and issuing virtual cards that can be used any place that accepts Visa, he said. For consumers, installment offers on their credit cards offer an attractive value proposition, as they know and trust the safety and usability of their Visa credentials across online and offline channels.
The Visa Ready for BNPL installments partner portal recently went live, following the debut of its credit installment pilot two years ago. The payments network has onboarded at least 20 partners including installments-as-a-service provider Splitit.
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