- Rapyd, which offers an integrated service for people in environments such as the gig economy, will work alongside Visa
- It has become an approved issuer of Visa cards in some areas, and will also join the Visa Fintech Fast Track programme as an enablement partner to improve speed to market
- Partnership will “enhance Rapyd's core issuing and acquiring services, unlocking simple, relevant payment experiences for these businesses globally”, says senior Rapyd figure
An international fintech firm has announced it will work alongside major financial corporation Visa to build on its cross border payments offer.
Rapyd said that it would work with the well-known institution to increase its payment services offer on both a local and international basis.
It has been given the right to be a Visa issuer in the UK, and it is expected that it will attempt to secure the same rights in other key markets elsewhere around the world as time goes on.
As part of its new offer, Rapyd will be permitted to give out virtual Visa cards to people working in environments such as the gig economy.
The firm will also become part of Visa’s Fintech Fast Track programme as an “enablement partner”.
This will help the firm approach market more quickly.
The firm is a financial technology, or fintech, provider and it offers a cloud-based service which can integrate lots of different services and capabilities into a single app for ease of use.
Rapyd’s Vice President for the Europe, Middle East and Africa (EMEA) region, Sarel Tal, said that the new service would unlock “simple, relevant payment experiences” – and described exactly what functions the partnership would offer Rapyd.
"As businesses look for global expansion opportunities, they must contend with the complexity of integrating local and cross-border payment capabilities, including collections, disbursements, and card-based solutions”, Tal said.
“Now Rapyd can leverage Visa's offerings -- Visa Direct for real-time funds transfers, Visa Token Services for secure digital payments, and Visa's issuance capabilities – to enhance Rapyd's core issuing and acquiring services, unlocking simple, relevant payment experiences for these businesses globally."
For Visa, Matt Dill – who works as the global head of strategic partnerships and venture – emphasised the speed advantages which Rapyd could provide.
"Rapyd's platform helps fintechs, merchants and marketplaces stand up payment-related services quickly and easily across multiple markets", he said.
One of the key areas of focus for Rapyd is likely to be the European market.
It is understood that international money transfer volumes are likely to rise in this area in the coming years.
In 2018 alone, revenues from international e-commerce in the region hit €137bn.
This was a significant figure both as a raw number and also proportionally, with it accounting for 22.8% of overall online sales.
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