SAN FRANCISCO & LONDON--(BUSINESS WIRE)--Visa Inc. (NYSE:V) today announced it has acquired control of Earthport (AIM:EPO), a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network.
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 acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow them to easily, quickly and securely move money worldwide.
Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally today1, but the process is harder and more complex than it should be. Money can take days to arrive because of outdated, inefficient and costly methods.
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 Earthport, Visa can be the single network for these payments, helping to pay contractors and employees around the world, quickly and safely2.
“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 unleashes the power of Visa by taking us 'beyond the card,' empowering us to enable our clients to make payments through bank accounts around the world.”
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.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Earthport (AIM: EPO) provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network. Customers gain new levels of predictability, transparency and cost-efficiency without intermediary deductions or landing fees. This is underpinned by bank-grade compliance expertise, providing peace of mind to clients, and end-to-end FX, treasury and cash management solutions to support customers with their growth.
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 September 30, 2018, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, and our other filings with the U.S. Securities and Exchange Commission.
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