Visa (NYSE:V) announced it has completed its acquisition of Pismo – a global cloud-native issuer processing and core banking platform.
With the transaction complete, the combination of Visa and Pismo will “provide clients with core banking and card-issuer processing capabilities across all product types via cloud native APIs.”
Pismo’s platform will also enable Visa to “provide support and connectivity for emerging payment schemes and RTP networks for financial institution clients.”
Jack Forestell, Chief Product and Strategy Officer at Visa, said:
“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.”
Ricardo Josua, Co-Founder and CEO, Pismo, said:
“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.”
Pismo will retain its current management team led by Ricardo Josua.
As covered, Visa claims that it is “a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories.”
Visa says their mission is to “connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses, and economies to thrive.”
Visa says they believe that economies that “include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.”
As noted in the update, Pismo is a technology company “providing an all-in-one processing platform for banking, payments, and financial markets infrastructure. Large banks, marketplaces, and fintech companies use our cloud-native microservices platform to launch next-generation solutions and move from legacy systems to the most advanced technology in the market.”
The Pismo cloud-based platform empowers firms “to build and launch financial products rapidly, scaling as they grow to have a broader audience while keeping high security and availability standards.”