Visa adds global fintech-development partnerships

Visa has formed a strategic partnership with Global Processing Services, a U.K.-based company with a strong track record for prepaid card processing, as Visa acts to speed up fintech development in Asia and Europe.

GPS will collaborate with Visa to fast-track solutions for fintechs building, testing and launching new payment solutions in Asia, leveraging GPS’ Apex platform, according to a Tuesday press release.

The move follows GPS’ recent expansion to Asia, after years of experience in Europe providing platform support for a variety of fintechs, e-wallet providers and startup digital banks — including Revolut — as they launched digital payment services, the release said.

“The epicenter of the fintech revolution is shifting east, and we’re proud to be supporting Visa in their mission to support and accelerate fintech growth across APAC,” said Joanne Dewar, GPS’ CEO, in the release.

Separately, Visa announced its Visa Direct debit push service will power real-time cross-border payments in Europe via TransferWise, as Visa works to add its debit push technology to several other cross-border payments operators' products.

TransferWise’s real-time cross-border service using Visa Direct will be available initially in Spain, with several Eastern European countries to follow, aiming for global availability next year, Visa said in a Tuesday release.

Visa is also working with the companies EMQ, MoneyGram and Remitly to add direct debit push services to speed up their cross-border payment services, the release said.

“Technology is bringing us closer together, yet there are still challenges that it hasn’t solved when it comes to individuals and small businesses moving money around the world,” said Bill Sheley, Visa’s senior vice president and global head of Visa Direct, in the release.

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