- TransferWise, which is one of the world’s most prominent online money transfer companies, said that it will work with Visa to expand its debit card and multi-currency offerings.
- The partnership will be global in focus and will reach many different markets, including everywhere from the Middle East to the Asia Pacific region.
- A leading figure at TransferWise said that the firm was pleased to be collaborating with Visa, and that it hoped to reduce problems for those looking to make cash transfers by card.
One of the most prominent financial services firms in the world has confirmed a worldwide pairing with online money transfer provider TransferWise.
Visa said that it will work with the firm to build out TransferWise’s debit card offering.
This offering, which comes with various different currency options, will be taken to markets such as the US, Europe and Latin America.
The Asia Pacific region, the Caribbean and the Middle East, as well as the post-Brexit UK, are also on the list.
The move will see TransferWise and VisaNet coming together through the Visa Cloud Connect service.
From there, there will be no need for expensive local connection architecture in place for TransferWise – as is currently the case.
A senior figure at TransferWise was pleased at the news that the collaboration was beginning.
Kristo Käärmann, who co-founded TransferWise and now serves as its chief executive officer, said that there was still something of a challenge for those in the sector that wanted to help reduce friction for international card transfers.
“We’ve been working to remove borders in the world’s financial networks,” he said in a statement to the press.
“Cards should work the same across borders too.”
He praised Visa for its capacity to help achieve this key goal.
“In Visa, we found a partner who shares our ambitions to make money work seamlessly no matter where you are,” he said.
“We’re excited to see how the outcome of our collaboration impacts the next generation of multinational financial institutions across the globe,” he added.
TransferWise has over 10 million customers across the globe, and is believed to be transferring payments equivalent to around US$6bn in the same sort of timeframe.
It first set up its multiple currency accounts offer three years ago.
For Visa’s part, a leading figure there said that it was pleased to help TransferWise as a fintech firm to “scale up” its operations.
Jack Forestell, who serves as executive vice president and chief product officer, described the chance to do so as “exciting”.
“It was an exciting opportunity for us to partner with TransferWise and show how we’re thinking and working differently to help today’s fintech innovators scale up quickly,” he said.
TransferWise is one of many companies that operate in the international money transfers sphere in an attempt to make the lives of consumers and firms easier – to learn more about their offer, just go to our reviews page and read up on what they can do.
