Visa has finalised the acquisition of Pismo, a global cloud-native issuer processing and core banking platform, today.
With the purchase completed, the combination of Visa and Pismo will offer clients core banking and card-issuer processing capabilities across all product types via cloud native APIs. Visa will also be able to give support and connectivity for developing payment schemes and RTP networks to its financial institution clients using Pismo’s platform.
“Core banking and issuer processor capabilities are key offerings for many of our financial institution and fintech partners’ clients,” said Jack Forestell, Chief Product and Strategy Officer at Visa. “With the combination of Visa and Pismo, we can now broaden these offerings and better serve the ecosystem.”
“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,” said Ricardo Josua, Co-Founder and CEO, Pismo.
Also Read | Visa to buy Brazilian Fintech Pismo for $1bn
In June, Visa announced plans to acquire Pismo for $1 billion in cash. This deal will allow Visa to give more solutions to its clients while also expanding Pismo’s regional presence, which already included operations in Latin America, Asia-Pacific, and Europe.
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