After a strategic partnership announced in May 2018, the digital payments multinational Visa took a further step in its alliance with the fintech YellowPepper and announced that it had completed the acquisition of this platform based in Miami, United States.
It is worth clarifying that this transaction is still subject to regulatory approvals, so the process is expected to be completed in the coming weeks.
“We are extremely excited about the acquisition of YellowPepper and how it enhances the growth trajectory of our business in Latin America and the Caribbean. This will accelerate Visa's ability to create innovative and accessible digital payment solutions that empower consumers and businesses, allowing them to prosper socially and economically, ”said Eduardo Coello, Visa's regional president for Latin America and the Caribbean.
And he added: "YellowPepper's technology, which works as a 'universal adapter', will be key to enhancing our 'network of networks' strategy, and thus turn it into a single point of access to initiate any type of transaction and enable movement money insurance ”.
According to the company, the purchase of YellowPepper will reduce the time-to-market (time to market) of issuers and processors, as well as the cost of accessing innovative and interoperable solutions.
This means that YellowPepper will facilitate integration with Visa Direct, the company's real-time payments platform, Visa B2B Connect - Visa's non-card-based B2B cross-border payment network - and value-added services.
This will "expand the enablement of digital products and services, provide engaging and secure experiences for the entire ecosystem, and grow new transactions and payment volumes."
For example, one of YellowPepper's products that makes life easier for banking customers is the Alias Directory, which functions as a customer identity profile, ensuring a smart routing tool and allowing email to be used, the phone number or other personal credential to exchange money through your banks.
“YellowPepper's unique technology platform is modern, interoperable, secure and scalable. Together, Visa and YellowPepper can deliver better payment capabilities, thereby providing comprehensive value-added services for issuers, governments and processors in the region, "said Serge Elkiner, CEO and founder of YellowPepper, who will continue to lead the company.