Visa has announced the acquisition of Pismo, a trailblazing firm renowned for its cloud-native issuer processing and core banking platform.
This move marks a significant stride in the FinTech industry, positioning Visa at the forefront of cloud-native banking and payment solutions.
The acquisition is a strategic decision by Visa to integrate Pismo’s cutting-edge cloud-native issuer processing and core banking platform. This synergy is set to offer clients enhanced core banking and card-issuer processing capabilities across all product types via cloud-native APIs. Furthermore, Pismo’s platform will empower Visa to support and connect with emerging payment schemes and Real-Time Payment (RTP) networks for financial institution clients. However, the specific financial details of the acquisition have not been disclosed.
Visa, a global giant in the digital payment sector, offers an extensive range of financial products and services, aiming to facilitate seamless, secure, and efficient transactions worldwide.
Pismo, on the other hand, is recognized for its innovative cloud-native issuer processing and core banking platform, which provides robust solutions for financial institutions and FinTech companies, enhancing their capability to offer dynamic and flexible banking and payment services.
With the acquisition finalized, Visa and Pismo are set to deliver unparalleled core banking and issuer processor capabilities, addressing the diverse needs of financial institution and FinTech partners’ clients.
This collaboration signifies a new era in banking and payments, promising innovative payment and banking products within a single, unified cloud-native platform, irrespective of the network, geography, or currency.
Pismo will continue to operate under its current management team, spearheaded by Co-Founder and CEO, Ricardo Josua. This decision underscores the value Visa sees in Pismo’s leadership and its strategic direction, ensuring continuity and stability as they embark on this new chapter together.
Visa Chief Product and Strategy Officer, Jack Forestell, emphasized the strategic importance of the acquisition, stating, “Core banking and issuer processor capabilities are key offerings for many of our financial institution and fintech partners’ clients. With the combination of Visa and Pismo, we can now broaden these offerings and better serve the ecosystem.”
Echoing this sentiment, Pismo’s Co-Founder and CEO, Ricardo Josua, remarked, “The combination of Visa and Pismo will enable our clients to launch innovative payments and banking products within a single cloud-native platform regardless of network, geography, or currency. The closing marks a new era for banking and payments.”
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