Miami, January 8, 2018 – Visa (NYSE:V) has announced a partnership with NovoPayment, a leading enabler of digital financial and transactional services, to facilitate the implementation of payment solutions for Business to Business (B2B) transactions in Latin America and the Caribbean. The companies will work in three key B2B areas: solutions for the business traveler, solutions for accounts payables and receivables; and accelerating Visa’s bank clients go-to-market strategies.
The first project under the new partnership has launched in Colombia, where Visa, NovoPayment and a local bank are enabling real-time payments in the urban delivery sector through a suite of APIs that provide courier fleets the ability to electronically procure goods from merchants on behalf of customers through dynamically created and loaded Visa accounts. This new model, integrated by NovoPayment’s platform, gives urban delivery businesses greater operational agility and scalability in a fast-growing and digitally-driven category.
Another project advancing under this new partnership, aims at simplifying the payment of independent drivers in the expanding urban mobility and shared transportation sector. Under this model, drivers will use Visa accounts to efficiently receive payment for services rendered and to manage day-to-day expenses.
Through the integration with Visa’s platforms and API’s, this partnership with NovoPayment offers Visa clients – banks, merchants and acquirers – new payment functionalities and the ability to accelerate the adoption of electronic payments in the region.
“Through our open collaboration strategy, we partner with fintechs in the region to accelerate the adoption of new technological capabilities that complement our payment functionalities and those of our bank and merchant partners”, said Allen Cueli, Vice President of Product Solutions and New Enablers. “This is the first initiative resulting from a broader partnership with NovoPayment, focused on the deployment of a number of projects including prepaid enablement, API integration as well as B2B solutions”, he concluded.
The partnership with NovoPayment aligns with Visa’s overall objective to move businesses and consumers from cash to digital forms of payment. For Visa, a culture that relies less on cash provides more convenience, more security and ease of use, which translates into faster growth and greater efficiency compared to cumbersome and expensive cash handling processes.
“We work to expand the use of electronic payments across the region, to improve people’s daily lives and help businesses increase sales and operate more efficiently”, said Diego Rodriguez, Vice President Business Solutions Visa Latin America and the Caribbean. “These projects with NovoPayment allow us to extend our reach and presence in the region, through different business models, facilitating payments amongst businesses and creating frictionless business-to-business interactions”, he added.
“Ultimately, by integrating our APIs and collaborating more closely, we are able to help others deliver better customer experiences and create new value chains free of traditional bottlenecks, while capturing new money and data flows”, said Anabel Perez, CEO of NovoPayment. “Our most recent project in Colombia is a great example of the kind of interoperability and structure required in today’s platform-driven businesses and a hint of what is possible in the future”, she added.
The combined proficiencies of both companies, along with their reach, will accelerate the development and diversity of Latin America’s payments ecosystem.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.com/about-visa, visa.com/blog and @VisaNews.
Miami-based fintech, NovoPayment enables digital financial and transactional services via a cloud-based, bank-grade platform that supports varied mass disbursement and collections services. The company helps banks, financial institutions and others throughout the Americas to leverage their existing systems and services to generate new deposits and transaction streams. For more information, visit novopayment.com and developer.novopayment.com.