Visa Acquires Control of Earthport
Visa’s Ownership of
Currently, Visa enables payments to be sent to or from Visa cards. The
acquisition will make it possible for Visa clients to enable
individuals, businesses and governments to utilize Visa to send and/or
receive money through bank accounts around the world. With the
This transaction can solve for many use cases including payroll and
international person-to-person and business-to-business remittances.
Take the example of a global marketplace that employs contractors
globally who have to get paid in their local currencies. Today, that
company may be paying its workforce using inefficient, expensive wire
transfers that can take days to arrive. With the combined capabilities
of Visa and
“Visa is modernizing the way we move money by making it quicker, safer
and easier to pay and be paid than ever before,” said Bill Sheley, head
of global push payments, Visa. “The acquisition of
Earthport’s technology will allow Visa to further expand and scale Visa Direct’s rapidly growing portfolio of use cases, including funds disbursements, peer-to-peer payments, cross border payments, marketplace payouts, and bill payments. Over the last 12 months, Visa Direct’s transaction count growth has continued to be over 100% - showing the demand for faster, smarter money movement among consumers and businesses around the world.
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” "is expected," and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the benefits to Visa arising from the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as of the
date they are made; (ii) are not statements of historical fact or
guarantees of future performance; and (iii) are subject to risks,
uncertainties, assumptions or changes in circumstances that are
difficult to predict or quantify. Therefore, actual results could differ
materially and adversely from Visa’s forward-looking statements due to a
variety of factors, including the risk that the transaction may not be
consummated; the closing conditions relating to the transaction; and
various other factors, including those contained in our Annual Report on
Form 10-K for the fiscal year ended
You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.
1 Accenture Market Sizing, 2017, Annual Addressable PV for Real Time Payments, all markets
2 Use cases are for illustrative purposes only. Program providers are responsible for their programs and compliance with any applicable laws and regulations