Visa wants to improve connectivity between banks and tech companies

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Visa is releasing a new Digital Enablement Program (VDEP), which is meant to simplify how companies connect to financial institutions and expedite the adoption of new payment and commercial services.

The program builds on the company’s existing security technology and provides a commercial framework to more than 14,500 Visa financial institutions.

The key features of the program include a faster integration process where companies and banks can connect to each other and grow quicker through VDEP “with no need for a complex set of contractual agreements and technology integrations”. Visa says there will also be no fee to pay to be part of the framework.

“Through our new program, financial institutions can take advantage of our secure token technology to deliver the most popular mobile and digital payment services on the market today to their customers,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa.

The company emphasises the framework’s international possibilities saying that, because it is available to Visa’s clients around the world, VDEP is a “platform for delivering secure mobile and digital payment services on a truly international scale”.

Visa’s first international program partner is Google, which has just unveiled its new payment system, Android Pay.

“With so many people using Android devices and a passionate developer community, we couldn’t be more excited to have Google as a partner in our program launch,” commented Mr McCarthy.

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