Visa has announced the launch of Visa Fintech Partner Connect, a new initiative that will provide financial institutions and merchants in Europe with a suite of enhanced capabilities combining Visa’s own capabilities with those of carefully selected fintech partners.
Fintech Partner Connect will help Visa’s clients meet their customers’ demand for new digital payment experiences by providing seamless access to innovative fintech solutions.
The European rollout of Fintech Partner Connect follows a successful pilot which has already seen a number of Visa’s clients benefit from the expertise on offer.
Mark Nelsen, Senior Vice President, Europe Product, at Visa, said: “The popularity and need for digital payments and online banking has never been greater with the global pandemic accelerating this shift in behaviour. This means that financial institutions and businesses of all sizes are looking for ways to rapidly develop their offerings. Visa Fintech Partner Connect enables them to do just that, combining Visa expertise with some of Europe’s most innovative fintechs to develop next-generation digital solutions.
“We’re already working on a number of exciting projects and look forward to collaborating closely with our clients on new projects over the coming months, which we are confident will enhance the digital payments experiences available to consumers across Europe.”
In partnership with 13 leading European fintechs, Fintech Partner Connect will enable Visa’s clients to access the following solutions:
- Consumer Digital Journey with 11:FS Pulse – a research and benchmarking platform that provides on-demand videos of customer journeys from fintech and financial services companies across the world;
- Consumer Credit Insight with Aire – pioneering the use of first-party data in credit scoring to provide new credit insight to lenders, gathered directly from the individual;
- SME Credit Risk with AccountScore – uses open banking technology to provide cutting-edge transaction analytics for financial services companies;
- Buy Now and Pay Later with ChargeAfter – enables merchants to offer personalised and instant financing to their customers from multiple lenders, in turn allowing lenders to increase their customer base;
- SME Data with Codat – connects small businesses to banks and other financial institutions, by simplifying and integrating financial and accounting software into one API platform;
- Merchant Search powered by Snowdrop Solutions – enables issuers to simplify the transaction details displayed to their consumers through displaying clearer merchant details;
- Transaction Compliance with ComplyAdvantage – a global AI-driven database of people and companies to power anti-money laundering and financial crime detection;
- Sustainable Banking with ecolytiq – analyses payment transactions in real-time to calculate CO2 footprints on an individual level, helping consumers understand their ecological impact, change their behaviour, and offset their carbon footprint;
- Subscription Management with Minna Technologies – providing the ability for bank’s customers to control their subscriptions, identifying, cancelling and improving them all within their mobile banking app;
- Digital Identity Verification with Onfido – uses a hybrid of AI and human expertise to remotely prove a user’s real identity, by assessing whether a photo ID is genuine, and matching it against a selfie;
- Budgeting and Affordability with OpenWrks – uses Open Banking, combined with Conversational AI, to help businesses transform their existing lending processes and provide seamless applications that help customers better understand affordability;
- Personalised Customer Engagement Platform with Personetics – delivers data-driven proactive engagement, analysing financial data in real-time, understanding individuals’ financial behaviours, anticipating their needs and acting on their behalf;
- Marketplace Payments and Escrow with Paycast, (powered by Shieldpay) – allows online merchants, e-commerce platforms and marketplaces to direct and control B2B and P2P payments to pay online sellers, gig-economy works and freelancers in an easy and secure way.