Visa announced a Singapore-based joint venture with India’s Yalamanchili Software Exports that will support payments processing outside of its U.S. and European operations.
The Visa Processing Service—with controlling interest in Visa’s hands—kick starts this week offering pre-paid and debit processing to institutions, processors and payment firms, with plans to expand to other payment services (including credit and ATM) as well as value-add programs in risk management, anti-fraud, mobile, loyalty and cardholder support.
"Visa Processing Service will allow us to immediately and cost-effectively enter new geographies with a scalable and high-quality processing offering,” said Joseph W. Saunders, chairman and CEO of Visa Inc. “Based on our success in the United States, we know that issuer processing is a critical component of an integrated debit strategy. Processing capabilities enhance Visa's ability to see and analyze each transaction, providing greater opportunities to add value for financial institutions, cardholders and merchants."
Yalamanchili will provide the software platform handling transactions, acquiring and gateway services for clients in Asia Pacific, Latin America, Central Europe and Middle East/Africa.