Visa's Fast Track helps onboard fintechs and test use cases - Business Insider

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Visa has cut how long it takes to bring on startup clients from a year to a few weeks. Its head of fintech lays out a 'fast track' for digital payments — and why the pandemic has been a huge catalyst.

Samantha Lee/Business InsiderVisa's Fast Track program, which allows fintechs to quickly onboard onto the payment giant's network, has seen record-high interest as small companies look to stand up digital-payment capabilities amidst the coronavirus pandemic.

Fast Track also allows Visa to recognize major pain points in the fintech community that sometimes lead to investments for its venture capital arm. Visa is seeing a surge of interest in a program meant to help fintechs quickly onboard onto the payment giant's network as companies scramble to setup digital channels for payment in light of the coronavirus pandemic.

And while the program is open to any company that might have a need to integrate with Visa for some type of payment, Angelos sees real potential working on fintechs digitizing cash payments. Fintechs that apply for the program range from those just starting out to others that are adding on new products, Angelos said. Participants includeFor startups like Rappi, the Fast Track program helped them add financial services products to their existing on-demand delivery tech. And for players like Fold, it enabled them to offer cards as a core piece of their business models.

 

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'We've put together all of the technology companies that you need to go live... We vet them and we help create a standardized commercial agreement so that fintechs can choose which partner they want to work with and then very quickly get online.' terryangelos Visa

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