Visa is expanding its Fintech Fast Track program beyond card issuance to connect members with Visa’s real-time money movement platform, Visa Direct.
In addition, Visa Consulting & Analytics has developed capabilities to support key needs of Fintech Fast Track partners.
With the expansion of Fast Track to include Visa Direct, fintechs can now initiate programs through their financial institutions to enable transfers to eligible cards, bank accounts and wallets around the world.
Visa Direct supports multiple use cases such as person-to-person payments and account-to-account transfers, business and government payments to individuals or small businesses, and merchant settlements and refunds. It provides a single point of access and the ability to access over 8.5 billion endpoints, including 3+ billion cards, 3+ billion accounts and 2.5+ billion digital wallets3.
The Fintech Fast Track program offers partners a solution from Visa’s menu of options, including:
- Merchant Search API: allows businesses to search for information about a merchant.
- Visa Stop Payment Service: allows financial institutions to stop payment for a specific check or series of checks.
- Visa Risk Manager solution: helps financial institutions manage and mitigate payment risks. The program now provides a free 12-month trial of this solution.
Fintech Fast Track partners now also have the opportunity to work with the Visa Consulting & Analytics team on a project from a select selection of offerings, specifically designed to help early-stage fintechs grow their portfolio.
Additionally, the program now includes the ability for up to $100,000 in Amazon Web Services (AWS) activation credits for cloud consumption, business support, and personalized content and offers.
This streamlined and more personalized approach ensures that fintechs get maximum value from the Fast Track program.
In the last year, Visa has signed up 42 new customers to the Fintech Fast Track in North America.