Visa looks to expand worldwide presence with payments processing JV

Visa has formed a payments processing joint venture with India-based Yalamanchili Software Exports in a bid to tap fast developing regions like Asia Pacific and Latin America.

The card network holds a controlling interest in Visa Processing Service (VPS), which is headquartered in Singapore and begins operations this week serving existing clients.

The firm will specifically target business outside of Europe and the US, notably Asia Pacific, Latin America, Central Europe, the Middle East and Africa.

Initially, it will focus on providing financial institutions, processors and other payment companies with pre-paid and debit processing. However it will also offer credit, ATM, money transfer and private label processing, as well as a range of payments services, including risk and fraud management, mobile applications, loyalty and cardholder support.

As part of the agreement Yalamanchili will provide its suite of Narada software products - 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.