Visa acquires Earthport for US$257mn
Today Visa announced that is has purchased Fintech company Earthport for US$257mn. $80trn is sent via a wire or transfer each year, and the process is both costly and outdated as transactions require days to reach completion. The acquisition of Earthport will enable Visa customers to reach the majority of individuals, businesses and governments that actively bank, making the transfers more efficient.
Bill Sheley, head of global push payments for Visa, commented on the acquisition: “Visa is modernizing the way we move money by making it quicker, safer and easier to pay and be paid than ever before.”
Earthport is a publicly-listed, British company part of the Fintech50. It specialises in cross-border payments by maintaining local banking relationships, settling local business with banked beneficiaries in over 87 countries. It has regional offices in New York, Miami, Dubai and Singapore.
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Sheley continued: “The acquisition of Earthport unleashes the power of Visa by taking us 'beyond the card,' empowering us to enable our clients to make payments through bank accounts around the world.”
In the last year Visa Direct’s transaction count has increased by 100%. With the fusion of these two companies, this rate of growth can be expected to continue, enforcing Visa’s dominance on the platform of international banking.
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”