NovoPayment and Visa Launch Instant Virtual Issuing and Disbursement Solutions in Latin America and the Caribbean

NovoPayment and Visa Launch Instant Virtual Issuing and Disbursement Solutions in Latin America and the Caribbean

NovoPayment, a Banking-as-a-Service platform category leader and Visa Inc., the world’s leader in digital payments, today announced the launch of an out-of-the-box, white-label offering providing issuers the ability to deploy instant virtual account and disbursement programs in as little as 10 weeks, accelerating the transition to fully digital delivery models in the Latin America and Caribbean region.

The new ready-to-launch offering dubbed Prepaid in a Box, fruit of extensive technical and commercial collaboration between the two companies, breaks new ground in prepaid and debit issuing for its end-to-end enablement, record deployment time, and configurability by country, currency and other parameters.

“As we begin the path to recovery in our markets, it is important to focus on the relevance of digital inclusion. Where consumers who are transacting for the first time online or receiving government subsidies or remittances from abroad, regardless of them being banked or unbanked, have the ability to be part of the digital economy – which has seen an exponential acceleration in the last few months, “said Ricardo Tafur, Head of Consumer Payments for Visa Latin America and the Caribbean. “This new platform allows issuers to provide fast and secure solutions to their clients when they need it the most.”

The “as a service” platform is being offered to the market with two initial uses cases, a solution for Instant Issuance of Virtual Accounts to address current obstacles with accelerating online and other not-present transactions, and a second for Remittance and Disbursement designed to streamline the delivery of funds to banked and unbanked individuals, for example originating from family abroad or local government aide.

“Our combined vision couldn’t have come to reality at a more relevant time,” said Anabel Perez, co-founder and CEO of NovoPayment of the partnership between the two companies adding, “Prepaid in a Box embodies our philosophy of accelerating and enabling digital payments, breaking many barriers for issuers of all sizes via our combined enablement of digital banking, payments infrastructure and card solutions.”

Key platform features for both consumers and issuers include:

  • Self-enrollment: Advanced user experience lets the end-consumer easily onboard via a mobile, fully compliant account enrollment process assisted by biometric and identification validation technologies.
  • Instant issuance: Virtual accounts are created within seconds and companion contactless cards are optional for Remittance and Disbursement use cases.
  • Enhanced security features:  Dynamic CVV system that ensures maximum transaction security for consumers.
  • All required interfaces: Including issuer branded mobile app, card design, end-user portal, and administrative console.
  • Complete installation and configuration of Visa issuing services: BIN configuration or transfer; end-to-end account cycle management; virtual and physical account issuing; authorization and transaction processing.
  • Additional solutions: Tokenization services, real-time push payments via Visa Direct, and fraud monitoring tools are available as add-on program enhancements.

Original Source: Visa