Laying the groundwork for the next generation of digital payment innovation

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By Mayank Somaiya, Head of Visa Fintech Partner Connect

Nov 11, 2020 10:58 AM

Innovation has always been a focus at Visa, yet the impact of the Covid-19 pandemic has forced us – as well as the wider payments ecosystem – to double down on the development of new payment technologies. The pandemic has accelerated what was an already increasing demand for digital payment experiences and it is incumbent on us and our partners to meet this.

Visa is used to partnering with financial institutions and merchants to enable them to enhance their offerings to their customers. The reality is, now more than ever, if banks and other payment services providers do not continually adapt and improve their digital services, this could be to the detriment of their business.

It is with this in mind that we have launched Visa Fintech Partner Connect in Europe. Our new programme brings together Visa’s capabilities and those of a roster of carefully selected fintech partners to give our clients and their customers access to the next generation of digital payment solutions. The programme will support new ways for businesses and consumers to seamlessly and securely pay, get paid, send money and more.

We have initially brought 13 innovative fintechs into our programme. Their market-leading solutions have been integrated with our own capabilities to support our clients in solving challenges and providing opportunities for their customers. Through these collaborations, we are arming our clients with streamlined access to trusted solutions that will help them to stay competitive in a rapidly changing environment.

We recognise the challenges our clients face and some of these challenges are being addressed by fintech businesses that have recently emerged into the payments ecosystem. Yet for many of our clients, selecting the best solution and integrating it with their existing offerings is a complex undertaking.

This is why there are huge benefits for our banking clients in working directly with Visa to access the solutions being offered by our partner fintechs, enabling our clients to make new connections and adopt the latest payment technology at speed.

Our hope is that the benefits our clients get from engaging with our Fintech Partner Connect programme will result in significant improvements to everyday consumer banking experiences. This in turn will enable millions of people across Europe to feel more in control of their finances and more secure when banking online.

We’re excited about these partnerships and intend to continue to grow the roster of fintechs participating in the programme. Collaboration can be a significant accelerator of innovation so by establishing Visa Fintech Partner Connect we are laying the foundations for next generation of consumer payment technologies.

Innovative subscription management through Visa Fintech Partner Connect

Consumers are more reliant on subscription services than ever before with the average individual having 11 different subscriptions and the average household at 201. With all of these subscriptions, it can become difficult for consumers to keep on top of what payments are leaving their accounts which is why Visa is working with Minna Technologies to offer a new Subscription Management solution to its clients through Fintech Partner Connect.

Those banks that adopt the service will be able to provide their customers with the ability to manage their subscriptions within their mobile banking app, making it easier to identify which subscriptions they have and make changes to them.

Through Visa Fintech Partner Connect, the Subscription Management solution can be integrated seamlessly into digital banking applications at pace, with an optimised, capabilities architecture, and ready-to-deploy user interface that helps reduce the development and resource costs for banks.

More information about the solutions available through Fintech Partner Connect can be found here.

1Source: Minna Technologies

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