Visa launches VEEI research center to bolster economic equity & inclusivity

By Pavithra R

Visa has announced the launch of Visa Economic Empowerment Institute (VEEI), a center of excellence for research and public-private dialogue on payments policy, committed to promoting and advancing the equitable economic empowerment of individuals, businesses and societies globally.

Through VEEI, Visa will develop new research and insights designed to inform long term policy within the global payments ecosystem and promote the value of digital payments and global networks to advance inclusion and drive economic growth. The research centre will serve as a forum for regulators, non-governmental organizations, policymakers, and international organizations to convene and collaborate on policies to rebuild and grow the global economy.

“Visa’s unparalleled global network and perspective on economic trends will allow VEEI to develop novel insights on the payments ecosystem and provide actionable solutions for improving and enhancing communities. The creation of VEEI is our next step toward removing barriers and creating more accessible economic opportunities for everyone, everywhere,” said Al Kelly, chairman and CEO of Visa.

Visa has also announced the joining of Dr Barbara Kotschwar, a Georgetown University professor and former specialist at the World Bank, as VEEI’s Executive Director. She will lead a team of subject matter experts in payments, development finance, international trade, cybersecurity, central banking, and other key issues. The team will leverage Visa’s information resources and technology capabilities to analyze problems and develop policy recommendations to bring real solutions to global communities. Bill Sheedy, senior advisor to Visa CEO Al Kelly, will chair the Institute.

“As our world becomes more complex and interconnected, it is paramount that we close gender, global development, ethnicity, and other inclusion gaps to achieve digital connectivity and access to global markets for all. The Institute will provide a platform for public and private actors to work together collectively to increase economic empowerment, trade and global connectivity,” said Dr Kotschwar.

The VEEI will focus on 3 strategic pillars to further its mission:

• Fostering digital equity & inclusion: which will address societal issues, financial inclusion, inclusive economic growth,and micro, small and medium enterprises (MSME) recovery and resilience.
• Unlocking growth through trade: which will address the factors that encourage digital and cross-border trade.
• An open future for payments: which will address the future of money, societal and cross-border issues and innovations that are transforming the way people pay and get paid, and MSME recovery.

Established since 1958, Visa is a global payments technology company working to enable consumers, businesses, banks, and governments to use digital currency. Its advanced global processing network, VisaNet, provides secure and reliable payments and is capable of handling more than 65,000 transaction messages a second.