Visa and TransferWise have announced a global partnership.
In Brief:
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This is the first use of Visa Cloud Connect.
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It allows FinTechs to securely connect to VisaNet, the global processing network, through the cloud.
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TransferWise will be able to expand its multi-currency debit cards through Visa’s network.
What does this mean?
Following the agreement, it wil now be easier for TransferWise to expand across a variety of markets including Europe, Asia Pacific, Latin America, the Caribbean, the Middle East, the UK and the US. TransferWise’s cards can be used in conjunction with its accounts which allow consumers and businesses to easily convert 55 different currencies.
