TransferWise becomes first user of Visa Cloud Connect

By Sunniva Kolostyak

TransferWise has become the first user of Visa Cloud Connect, a cloud solution which connects to global processing network VisaNet, having extended its partnership with Visa.

By using Visa Cloud Connect, TransferWise will be able to further expand its multi-currency debit cards in Asia Pacific, Europe, the Middle East, the UK and the US. The FinTech can establish a secure connection to VisaNet through its cloud provider, eliminating the need for costly local connectivity, speeding up rollouts and consumer adoption.

Currently, global card programs expanding into multiple countries require investment in local data centres using specialised hardware, telecommunications infrastructure, and coordination. Visa’s new platform, currently in pilot phase, provides a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management, and simplified settlement in local markets.

This combination of technology and services simplifies global connectivity and testing, lowers IT costs through cloud integration, and speeds time to market for launching programs in new geographies. This is particularly beneficial for new types of clients like TransferWise who have been operating on cloud-based systems from their inception.

Visa Cloud Connect is slated for global availability for other clients in August 2021.

“The TransferWise team came to us last year with a challenge: enable the global rollout of their debit card program, and do it entirely in the cloud,” Jack Forestell, Executive Vice President and Chief Product Officer at Visa, said.

“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. With Cloud Connect, we’ve created an approach that lets TransferWise tap into Visa’s global infrastructure—one of the most secure, reliable and resilient systems in the world—through a single integration. Through our work with TransferWise, we’ve created a blueprint for other FinTechs to quickly and securely connect with Visa’s massive scale and reach.”

The TransferWise multi-currency account allows consumers and businesses to hold and convert 55 currencies at the real exchange rate. The multi-currency debit card lets customers spend and withdraw directly from any of the currency balances.

Kristo Käärmann, TransferWise co-founder and CEO, said: “We’ve been working to remove borders in the world’s financial networks. Cards should work the same across borders too. In Visa we found a partner who shares our ambitions to make money work seamlessly no matter where you are. We’re excited to see how the outcome of our collaboration impacts the next generation of multinational financial institutions across the globe.”