Visa, a global leader in digital payments, plans to transform the banking industry through its latest move. The company has announced its definitive agreement to acquire Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash.
VisaVisa, a global leader in digital payments, plans to transform the banking industry through its latest move. The company has announced its definitive agreement to acquire Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash.
Pismo is well-known for its advanced technology and extensive operations in Latin America, Asia Pacific, and Europe, offering a comprehensive range of services to financial institutions. By integrating Pismo into its portfolio, Visa aims to provide its clients with a powerful set of core banking and issuer processing capabilities, covering debit, prepaid, credit, and commercial cards. This strategic acquisition will enable Visa to offer better support and connectivity for emerging payment systems, including Brazil’s popular Pix system.
Visa’s Chief Product and Strategy Officer, Jack Forestell, emphasized the importance of this acquisition, stating that it allows Visa to better serve its financial institution and fintech clients by offering them more unique core banking and issuer solutions for their customers. Forestell’s statement reflects Visa’s commitment to empowering clients with advanced solutions that enhance customer satisfaction and drive business growth.
Ricardo Josua, Co-Founder and CEO of Pismo, expressed enthusiasm about the partnership, explaining that Pismo aims to enable its clients to launch cutting-edge payment and banking products through a single cloud-native platform, regardless of location or currency. With Visa’s support, Pismo expects to leverage its cloud-native capabilities to drive transformative advancements in the banking and payments sectors.
Under the agreement, Pismo will continue to operate under its current management team, ensuring a smooth transition and the continuation of its innovative offerings. However, the completion of the acquisition is subject to standard closing conditions and regulatory approvals, with Visa expecting to finalize the deal by the end of 2023. Visa’s ambitious acquisition of Pismo aligns with its vision of connecting the world through innovative and secure digital payments. With its extensive network spanning over 200 countries and territories, Visa facilitates seamless transactions between consumers, merchants, financial institutions, and government entities. The company’s mission focuses on providing inclusive access to financial services as a foundation for global economic growth.
For more information about Visa’s groundbreaking efforts in the realm of digital payments, please visit Visa.com.
