Visa has agreed to purchase Pismo, an issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe for $1 billion in cash.
By acquiring Pismo, Visa will be positioned to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud-native APIs. Pismo’s platform will also help Visa in providing support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients.
“Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers,” comments Jack Forestell, chief product and strategy officer, Visa.