Today Visa announced that is has purchased Fintech company Earthport for US$257mn. $80trn is sent via a wire or transfer each year, and the process is both costly and outdated as transactions require days to reach completion. The acquisition of Earthport will enable Visa customers to reach the majority of individuals, businesses and governments that actively bank, making the transfers more efficient.
Bill Sheley, head of global push payments for Visa, commented on the acquisition: “Visa is modernizing the way we move money by making it quicker, safer and easier to pay and be paid than ever before.”
Earthport is a publicly-listed, British company part of the Fintech50. It specialises in cross-border payments by maintaining local banking relationships, settling local business with banked beneficiaries in over 87 countries. It has regional offices in New York, Miami, Dubai and Singapore.
Sheley continued: “The acquisition of Earthport unleashes the power of Visa by taking us 'beyond the card,' empowering us to enable our clients to make payments through bank accounts around the world.”
In the last year Visa Direct’s transaction count has increased by 100%. With the fusion of these two companies, this rate of growth can be expected to continue, enforcing Visa’s dominance on the platform of international banking.