Visa’s Pismo Helps Vivi Money Launch New Financial Platform

Australian FinTech Vivi Money has debuted a financial platform built on infrastructure from Visa-owned Pismo.

The new offering is connected to Visa’s global payments network, and includes Visa debit card and savings products, per a report Friday (March 20) from the website eCommerce News.

“Supporting both debit cards and savings products on a single, cloud-native platform showcases the full strength of our architecture,” said Varun Dudeja, head of business development, APAC, Pismo. “Vivi Money is building the future of personal finance, and they need a platform to enable flexibility, agility and the reliability of enterprise-grade core banking.”

Vivi said the platform combines open banking data, transaction accounts, savings accounts and AI-led financial analysis into a single service, the report added. Customers can connect accounts, loans and savings held at other institutions, letting the platform assess cash flow, liabilities and interest costs in real time.

The product suite is launching with globally accepted Visa debit card, foreign exchange pricing for travelers, and high-interest savings accounts, the report said.

At the centre of Vivi’s model is open banking data, which brings multiple financial relationships into a single view. Vivi said the system can then identify repayment options, savings balances and cash allocations that may better suit a customer’s position.

The report notes that this puts Vivi in a growing number of FinTechss aiming to go beyond budgeting tools and account aggregation to focus on direct action on customers’ behalf.

For Pismo, the report continued, the deal gives the company a chance to expand its work in Australia and New Zealand, where it is courting banking and FinTech customers hoping to overhaul their systems.

Visa acquired Pismo for $1 billion in January 2024, saying the combined company would provide clients with core banking and card-issuer processing capabilities across all product types via cloud-native application programming interfaces.

Earlier this month, Visa appointed one of its executives, Leonardo J. Collado, to lead Pismo. He succeeds Vishal Dalal, who has served as general manager of Pismo since 2021 and chose to leave Visa to pursue an entrepreneurial opportunity.

Andrew Torre, president of Visa’s value-added services division, discussed some of the benefits of the company’s relationship with Pismo in an interview with PYMNTS CEO Karen Webster published Monday.

“One of the constraints we’ve seen is a lot of customers using their legacy, whether it’s in-house or another issuer processing stack. It’s complicated to deploy,” Torre said, noting that Pismo has served as a gateway for clients to access Visa’s services.

“We’ve been winning deals in Pismo to simply launch some of our new solutions,” he added.