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Visa Inc. has formed a joint venture with India-based Yalamanchili Software Exports Ltd. to offer processing services in Latin America, the Asia-Pacific region, Russia and other parts of the globe, the card brand said Tuesday. The venture, Visa Processing Service Pte. Ltd., is based in Singapore and begins operations this week. Yalamanchili already has 35 processing clients, a Visa spokesperson tells CardLine Global. "This is the only joint venture of this type" Visa has established in Asia or Europe, the spokesperson says. It "will allow Visa to extend our processing capabilities in some of the fastest-growing payments regions in the world," the spokesperson says. "Our experience with DPS, our debit-processing service in the United States, has proven that issuer processing is a critical component of an integrated debit offering." The joint venture initially will focus on providing debit and prepaid card processing services to financial institutions, processors and other payments firms, Visa says in a statement. It also can provide credit card processing "as well as ATM, money-transfer and private-label processing capabilities," the spokesperson adds.
