Visa Europe Collab, an innovation hub from Visa Europe, has announed a cooperation with Wirecard Technologies GmbH, a subsidiary owned by electronic payments provider Wirecard AG. The new partnership is aimed at helping startups create new fintech services that are set to transform the payments sector.
Under the terms of the agreement, Wirecard will offer its banking and technology solutions, partner networks, as well as its deep market knowledge. Besides, it will provide fintech companies with all the instruments and platforms required to create innovative services.
Visa Europe Collab is an innovation center that provides assistance to new startups working on the development of new technologies in the payments sector. The hub provides new companies with an access to its network of customers, retailers and banks and helps them to roll out their products.
Visa Europe Collab is currently concentrated on developing new products through partnerships with various tech companies from the payments industry. It also operates Proof of Propositions (POPs), Proof of Concepts (POCs) and Proof of Technologies (POTs) in partnership with other companies.
Visa Europe runs several innovation labs located in Tel Aviv, Berlin and London. It connects international partners and innovators to discover the best new ideas and helps bring them into the market.
“We are looking forward to this partnership with Visa Europe Collab, which is part of our long-term strategy to increase our activity in the FinTech industry. The cooperation will provide global FinTech start-ups with access to our complete range of services: from banking to software and payment solutions, risk management, card issuing and value added services – everything from a single source,” said Susanne Steidl, Executive Vice President Issuing Services at Wirecard.
“Our long-standing experience in reinventing payments and related banking services using internet technologies together with the creativity and the speed of FinTechs will enable us to create the innovative solutions expected by the customers of today.”
Since its opening in 1999, Wirecard has turned into one of the main electronic payment solutions providers. The Germany-based payment processor creates individual solutions for its clients in the service, banking and retail industries. The company is committed to provide high transparency and security of payment processing. Besides, Wirecard provides individual risk management services that allow the company to ensure the highest protection against payment default.
Wirecard includes more than 1,750 employees and serves over 20,000 customers all over the world. As of 2014, the company’s revenues reached more than EUR 600 million.