Visa acquires core banking platform Pismo for $1bn

Visa has acquired Brazil-based core banking platform Pismo

IN BRIEF:

Pismo has operations across Latin America as well as Asia and Europe

The acquisition will enable it to provide core banking and issuer processing capabilities 

It also gives Visa a route into emerging market payment rails, such as Pix in Brazil

What does this mean?

Pismo will retain its current management team, and, subject to regulatory approval, the acquisition is expected to close before the end of the year.

Read more here.