Visa (NYSE: V) announced on Wednesday it has formed a partnership with NovoPayment, a Florida-based fintech company, to facilitate the implementation of payment solutions for Business to Business (B2B) transactions in Latin America and the Caribbean. According to the credit card giant, 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. It was revealed:
“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.”
Visa also reported that another project advancing under this new partnership aims to simplify 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. Visa then noted that through the integration with its 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. Allen Cueli, Vice President of Product Solutions and New Enablers at Visa, stated:
“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. 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.”
Diego Rodriguez, Vice President Business Solutions Visa Latin America and the Caribbean, also commented:
“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. “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.”
Anabel Perez, CEO of NovoPayment, 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. 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.