Visa and banking-as-a-service platform NovoPayment are expanding their strategic partnership to advance the deployment of digital solutions in Latin America and the Caribbean, Visa said in a press release on Tuesday (Dec. 3).
Visa has also made a strategic investment in NovoPayment.
“Partnerships are fundamental to Visa’s business model, and the expansion of our strategic partnership with NovoPayment is another example of how collaboration will ultimately help our clients deliver improved customer experiences, faster and easier than ever,” said Ruben Salazar, senior vice president of products and innovation for Visa in Latin America and the Caribbean.
Since partnering two years ago, Visa and NovoPayment have advanced digital payments across the region. The companies worked together to enable multi-functional apps and also accelerated the rollout of the real-time payments solution Visa Direct. In addition, Visa Token Services was introduced to the region for payouts, peer-to-peer (P2P) payments and B2B money movement.
“We’re delighted to see that our shared vision for success is being realized by expanding our partnership with Visa in such a way,” said Anabel Perez, co-founder and CEO of NovoPayment. “It’s a testament of our proven enablement model and commitment to collaboration.”
NovoPayment’s API delivery model helps mobilize a secure digital economy by providing fast time to market of Visa’s principal solutions.
Arnoldo Reyes, vice president of digital partnerships, FinTech and ventures for Visa Latin America and the Caribbean, said that Visa partners with companies that can quickly integrate startups looking to roll out Visa Token Service, Visa Direct, virtual cards and more.
“NovoPayment will be a key partner for our Fintech Fast Track program, helping speed up the time it takes for these new players to start working with Visa, and most importantly accelerate the time to market of their solutions,” Reyes said.
Latin America has literally thousands of startups and more than a few legacy banking players rapidly pushing into the digital ecosystem. It’s a challenging region, however, because nation-by-nation and vertical-by-vertical, the situation on the ground can vary widely in terms of infrastructure, consumer interest and regulatory prerogatives.
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