TransferWise Uses Visa Cloud Connect To Expand Debit Offer Globally

Visa has debuted a new global partnership with TransferWise after working together on the new Visa Cloud Connect program, allowing FinTechs a new way to securely connect with the cloud, according to an emailed press release Wednesday (Jan. 27).

Visa Cloud Connect connects FinTechs and other partners to VisaNet, Visa’s global processing network.

The tech will underpin the new global agreement between the two companies, which will allow the London-based money transfer service TransferWise to expand its multi-currency debit cards throughout the Asia Pacific region, Europe, the Middle East, U.K. and U.S., the release said.

With the TransferWise multi-currency account, consumers and businesses will be able to hold and convert 55 currencies at the real exchange rate, with the multi-currency debit card able to spend and withdraw directly from any of the currency balances. The secure connection will help do away with costly local connections.

TransferWise Co-founder and CEO Kristo Käärmann said the company had “been working to remove borders in the world’s financial networks. Cards should work the same across borders too.”

“In Visa, we found a partner who shares our ambitions to make money work seamlessly no matter where you are. We’re excited to see how the outcome of our collaboration impacts the next generation of multinational financial institutions across the globe.”

Jack Forestell, executive vice president and chief product officer with Visa, said the TransferWise team had “come with a challenge” for the company to help rollout its card program only on the cloud.

“With Cloud Connect, we’ve created an approach that lets TransferWise tap into Visa’s global infrastructure — one of the most secure, reliable and resilient systems in the world — through a single integration,” he said, according to the release. “Through our work with TransferWise, we’ve created a blueprint for other FinTechs to quickly and securely connect with Visa’s massive scale and reach.”

Nicholas Lembo, head of growth in America for TransferWise, told PYMNTS recently that new digital, cloud-friendly approaches to doing business should help foster quicker payments. However, the presence of legacy approaches can hold things back.