Visa has set itself the goal of expanding its payments
processing operations in what it terms “high growth geographies” a
strategy it will pursue in partnership with Singapore-based
payments technology developer Yalamanchili Software Exports
(YSE).
Spearheading Visa’s drive is Visa Processing Service (VPS), a
newly established joint venture company in which YSE holds an
undisclosed minority stake.
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VPS, having taken over Visa’s existing processing clients
outside the US and Europe, is off the ground and running with a
central focus on markets in the Asia Pacific region, Latin America,
Central Europe, the Middle East and Africa.
YSE’s involvement in VPS entails the incorporation of its NARADA
software products in Visa’s existing processing infrastructure.
The software comprises a multi-currency, multi-language platform
for debit, prepaid and credit payment transactions, gateway
services for international and domestic networks and acquiring
applications, including ATM terminal driving.
Initially, VPS will focus on providing financial institutions,
processors and other payment companies with prepaid and debit
processing solutions but will also have capabilities to provide
credit, ATM, money transfer, private label processing.
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By GlobalData“Payments processing is critically important to Visa’s long-term
success as we seek to deliver increased value to our clients,
accelerate our growth and diversify our sources of revenue,” said
Visa chairman and CEO Joseph Saunders.
“Visa Processing Service will allow us to immediately and
cost-effectively enter new geographies with a scalable and
high-quality processing offering.”
YSE, which also has operations in India, was founded by Y
Yalamanchili, who currently serves as the company’s managing
director.
Among his many achievements in electronic payments, Yalamanchili
is credited with establishing India’s first ATM and POS central
switching platform during his tenure with Citibank in the
1990s.
