Visa expands partner program with biometrics for digital-first payments experience
The Visa Fintech Partner Connect program, already launched in Europe to help financial institutions select key technologies for digital-first experiences, includes Idemia, Jumio and Onfido as vetted suppliers of biometrics for remote onboarding.
The program has now been extended to clients in other parts of the world including the U.S., Asia Pacific, Central Europe, the Middle East, Africa, Latin America, and the Caribbean, the company said in a news release.
With the move, Visa intends to help issuing partners create digital-first experiences with less costs and without the challenge of having to build the back-end technology of their own, according to the statement.
Visa’s Fintech Partner Connect Program is a platform designed to help financial institutions easily connect with a variety of fintech providers, enabling them to implement biometrics and other tools across the customer journey.
Some of the back-office functions and new front-end services provided by Visa Fintech Partner Connect program include account opening, data aggregation, analytics and security, customer engagement and new cardholder services, as well as operations and compliance.
The biometrics providers are included in the account opening category.
Terry Angelos, senior vice president and global head of fintech at Visa, noted that through the Fintech Partner Connect program, they have been helping clients discover an assemblage of fintech solution providers with the goal of helping them adopt digital-first innovations.
“In today’s climate, building a competitive financial product requires more technology than ever before. Consumers want seamless interactions across mobile and web, and they want access to a greater suite of digital banking capabilities. We’ve assembled a community of payment and banking technology platforms to streamline the discovery and procurement process for our clients—with the ultimate goal of accelerating adoption of digital-first innovations,” said Angelos.
Tina Giorgio, president and CEO of partner ICBA Bancard, said the program will help small banks accelerate their digital roadmaps.
“Community banks will continue to evolve to best serve the needs of their customers and communities, and this means embracing the latest digital tools and technologies while also staying true to their relationship banking roots. Programs such as Visa Fintech Partner Connect that help expedite the process of sourcing and vetting financial technology providers can help smaller banks accelerate their digital roadmap, retain and expand their customer base while reducing costs,” said Giorgio.