Visa Closes Acquisition of Pismo

Payments giant Visa Inc (Visa) yesterday announced it has completed its acquisition of Pismo – a global cloud-native issuer processing and core banking platform.

With the transaction complete, the combination of Visa and Pismo will provide clients with core banking and card-issuer processing capabilities across all product types via cloud-native APIs. The Brazilian fintech platform will also enable Visa to provide support and connectivity for emerging payment schemes and RTP networks for financial institution clients.

"Core banking and issuer processor capabilities are key offerings for many of our financial institution and fintech partners' clients," said Jack Forestell, Chief Product and Strategy Officer at Visa. "With the combination of Visa and Pismo, we can now broaden these offerings and better serve the ecosystem."

"The combination of Visa and Pismo will enable our clients to launch innovative payments and banking products within a single cloud-native platform regardless of network, geography, or currency. The closing marks a new era for banking and payments," said Ricardo Josua, Co-Founder and CEO at Pismo.

Pismo will retain its current management team led by Ricardo Josua, according to the announcement.