• Published on 2 August 2019
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Visa exports Fintech Fast Track programme to the US

Given the importance of the fintech community, and Visa’s longtime commitment to digital payment innovation, Visa announced the expansion of its popular Fast Track program to the United States in conjunction with a large and growing network of partners.

Fast Track aims to speed up the process of integrating with Visa, to allow nimble start-ups the ability to more easily leverage the reach, capabilities, and security VisaNet, the company’s global payment network, offers, thereby helping fintechs scale more quickly.

Fast Track is possible in the US thanks to collaborations with leading companies who provide services across the payments spectrum - from card issuance, to push payments integration, to Payment Card Industry (PCI) Compliance, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) support. Visa is launching Fast Track in the U.S. in collaboration with Alloy, BBVA Open Platform, Cross River Bank, Galileo, Green Dot, Marqeta, Netspend (TSYS’ Consumer Segment), Stripe, TabaPay, TSYS, Q2, and Very Good Security. Visa DPS will also support certain partners’ participation in the program.

“In markets across the world, Visa has successfully rolled out the Fast Track program, linking arms with fintechs to provide a clear path towards getting to market, leveraging Visa’s scale, security, reach and strong network of partners,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “By launching Fast Track in the U.S., we are continuing our support for fintechs across the globe, with the goal of accelerating the growth of digital payments and creating better ways to move money everywhere.”

Last year, venture capital-backed fintechs raised a record $39.6 billion from investors globally, up 120% from the previous year.1. As part of the launch of Fast Track in the U.S., Visa is working with leading venture capital firms to automatically qualify their portfolio companies into the U.S. Fast Track program. Some of these early partners include: Andreessen Horowitz, Nyca Partners, Ribbit Capital and Trinity Ventures.

Visa’s Fast Track program, already available in Europe, Africa, the Middle East, Latin America and Asia Pacific, has successfully helped Visa propel the growth of the fintech industry around the world. 

Visa’s Ongoing Commitment to Fintechs around the World

Visa’s work with fintechs bolsters many of the companies’ strategic business priorities including: Visa Direct, Visa Business Solutions (VBS), and Visa’s commitment to bringing digital payment options to the unbanked via social impact programs.

Fast Track is one part of a broader Visa strategy to support fintechs’ growth and development globally. In addition to Fast Track, Visa is consistently engaging with the fintech community through a variety of strategic initiatives and programs. These include:

• Partnership: Across the globe, Visa collaborates with innovative fintechs to help them reach their growth and payment ambitions, with the backing of Visa’s speed, security and scale. In the past year alone, Visa has announced partnerships with multiple leading fintech companies, including: Currencycloud, Flutterwave, ininal, N26, PayActiv, Rappi, Razer and Remitly.
• Investment: Visa actively invests in companies leveraging cutting-edge technology to create new payment flows for the ecosystem. This year alone, Visa has invested in multiple leading fintechs worldwide, including: Anchorage, Bankable, Branch, Finix, Minna Technologies and PayMate.
• Ongoing Engagement: Inclusive Fintech 50: Co-designed and funded by Visa, the Inclusive Fintech 50 is a competition to make early-stage fintechs more visible to investors and others who can help them scale and reach more underserved people.

Visa Everywhere Initiative: A global competition aimed at cultivating new relationships with the global startup community.

Fintechs are looking to change the way money works, solving for friction that senders and receivers of payments experience day-to-day. As one of the world’s original fintechs, Visa is committed to partnering with and supporting the next generation of payment innovators. Today, Visa is focused on helping fintechs bring to market new digital payment experiences across a broad spectrum of verticals including: neo-banking and acceptance, new sectors across push payments like earned wage access, money management and investments, as well as lending.

Re-disseminated by The Asian Banker