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NovoPayment and Visa are launching instant virtual accounts and withdrawals for Latin America

September 7, 2020

NovoPayment is a Banking as a Service (BaaS) platform. Together with Visa, they announced the launch of a service that would enable issuing banks to provide instant virtual accounts and withdrawal programs in just 10 weeks Accelerating the transition to fully digital delivery models in Latin America and the Caribbean. This was reported by Visa through a statement.

“”This new offering, called Prepaid in a Box, is already ready for marketing in the regionis innovative in the field of issuing prepaid and debit products due to its end-to-end activation capacity, the recording of the provisioning time and the ability to configure them by country, currency type and other parameters. In addition, it is the result of extensive technical and commercial collaboration between the two companies, “the statement said.

In this sense, Ricardo Tafur, The Vice President of Consumer Payment Products for Visa Latin America and the Caribbean said:

“As we embark on the recovery path in our markets, it is important to focus on the relevance of digital inclusion, where first-time online consumers or receiving government subsidies or remittances from abroad become independent Whether or not they own a bank, they can be part of the digital economy that has seen an exponential acceleration in recent months. “

NovoPayment and Visa are launching instant virtual accounts and withdrawals for Latin AmericaNovoPayment and Visa are launching instant virtual accounts and withdrawals for Latin America

The platform “as a service” will be offered to the market with two first use cases: a virtual account issuance solution that addresses current barriers to accelerating online transactions and other non-personal transactions; and Remittances and Withdrawals, a solution designed to expedite the delivery of funds to bank and non-bank banks, for example through family transfers of funds abroad or with the help of local governments.

Anabel Pérez, The co-founder and CEO of NovoPayment also spoke about the initiative of the two companies, saying:

“Our shared vision could not have come true at a better time. “Prepaid in a Box is an example of our philosophy of developing new digital activation models that enable issuers to offer the best user experience by combining the functions of digital banking, payment infrastructure and card solutions.”

The main features of the platform for consumers and issuers include:

* Self registration: The enhanced user experience enables the end user to complete a regulatory compliance process for mobile accounts supported by biometric and identification validation technologies.

*Problem: Virtual accounts are created in seconds and contactless add-on cards are optional for wire transfer and withdrawal use cases.

* Advanced security features: dynamic CVV system

* Interfaces: This includes the issuer’s mobile app, card design, end-user portal, and administration console.

* Installation and configuration of Visa issuing services: This includes setting or transferring BINs; End-to-end account cycle management; Issuing virtual and physical accounts; Authorization and transaction processing.

* Additional solutions: Tokenization services, Visa Direct push payments, and fraud monitoring tools are available as additional program enhancements.

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