Visa Joins AWS Network to Simplify Digital Payments Globally
World leader in global digital payments Visa has joined the AWS Partner Network (APN), a global community leveraging AWS’ technologies, programs, expertise and tools to build solutions and services for customers.
By joining APN, Visa will enable its partners and clients, including cloud-native fintechs, to access and onboard its services more seamlessly and efficiently.
Visa’s presence on APN is a huge coup for the network, as it strives to become the dominant platform for fintechs and financial institutions (FIs) to source leading digital technologies.
Visa: Simplifying global digital payments
For Visa, joining APN supports its mission to simplify access to global digital payments, proliferating the spread of its services thanks to greater ease of access in support of all players in the global payments ecosystem.
In addition to joining APN, Visa will make select payments services available in the AWS Marketplace, which already contains thousands of software listings and has more than 300,000 global customers.
Among Visa’s services immediately available is Visa Cross-Border Solutions, which holds multiple currencies and streamlines the process of sending and receiving funds internationally, supporting global trade.
The launch of Visa Cross-Border Solutions in conjunction with Visa’s wholly-owned subsidiary Currencycloud came just seven months ago, and it is fast becoming one of Visa’s most sought-after products.
Vanessa Colella, Global Head of Innovation and Digital Partnerships at Visa, says: “Visa is dedicated to better serving our clients in cloud environments, which is why we’re excited to bring Visa Cross-Border Solutions to the AWS Marketplace.
“We aim to make our solutions readily accessible and available for customers to easily integrate across diverse platforms. This is a step further in our broader commitment to reduce challenges for financial institutions and enterprises.”
Supporting cloud-based clients
A core client base Visa hopes to more directly serve by joining APN is its cloud-based customers. To meet them where they are, Visa has made payments processing through AWS possible on VisaNet, its global processing network, meaning cloud-based companies can already establish secure AWS Privatelink connectivity with Visa Cloud Connect.
Visa is tapping into a growing sector by serving cloud-based clients, with cloud-based services supporting FIs and fintechs in accelerating service deployment and customer adoption while reducing data centre costs.
Last month, CloudZone, also available with AWS, ran through 5 solutions to help fintechs and FIs master cloud-native services.
And, now that Visa’s cloud-based services are available on APN, existing clients like Paymentology see it as a game-changer.
Merusha Naidu, Global Head of Partnerships at Paymentology, says: “As a cloud-native card issuer and processor, and one of the first issuer processors in Europe to connect to the Visa Cloud Connect endpoint in the EU, we believe the enablement of Visa services through AWS is a game-changer.
“This partnership paves the way for enhanced digital payment solutions, providing startups with the tools they need to innovate and thrive in today's fast-paced landscape.”
Enhanced access to digital payment solutions for Paymentology comes after it recently announced a new partnership with Sopra Banking Services (SBS), to transform global card issuing services via SBS’ next-generation SBP Digital Core platform.
What’s more, Visa’s onboarding of cloud-based services on APN follows its partnership with Standard Chartered to enhance cross-border payments, with the bank participating in the Visa B2B Connect multilateral payment network.
On the deal, Philip Panaino, Global Head of Cash at Standard Chartered, says: “Our engagement in the Visa B2B Connect network – both as a participant and as a settlement bank – is yet another way we are delivering value add to the broader ecosystem as we support corporates on their payments journey.”
Visa: In support of startups
Indeed, it is not just existing partners that Visa’s APN integration will support, because part of its deal with AWS sees it empower AWS’ global fintech accelerator.
Per the arrangement, fintechs enrolled in the Visa’s Fintech Fast Track programme (and verified as eligible by AWS), can receive up to US$100,000 in AWS Activate credits to help jumpstart growth and reduce time to market.
Howard Wright, VP and Global Head of Startups at AWS adds: “We are excited to support the expansion of digital payments, banking, and embedded finance capabilities to enterprises and fintech startups building their applications on AWS.
“We are looking forward to working with Visa to help make financial apps in the cloud more accessible, faster, secure, and easier to use.”
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