Joint Venture with Yalamanchili to Provide Payments Processing for Clients
in Asia Pacific, Latin America and CEMEA regions; Visa to Benefit from Rapid
Entry into New Geographies
SAN FRANCISCO and SINGAPORE, Dec. 2 /PRNewswire-FirstCall/ -- Visa Inc.
(NYSE: V) and Yalamanchili Software Exports (P) Limited, a leading payments
processor and software products and solutions company with operations in India
and Singapore, today announced that they have formed a joint venture that will
allow Visa to extend its industry-leading processing capabilities in some of
the fastest-growing payments regions in the world.
Visa will have a controlling interest in the joint venture, named Visa
Processing Service Pte. Ltd. (VPS). It begins operations this week and will
serve existing processing clients. This will provide the venture with an
immediate revenue stream and Visa with a quick, efficient and economical way
to extend its processing leadership.
VPS will serve clients in select markets and address opportunities outside
the U.S. and Europe. It complements Visa's Debit Processing Service.
Initially, the joint venture will focus on providing financial
institutions, processors and other payment companies with prepaid and debit
processing solutions. Like Visa, VPS will also have capabilities to provide
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.
"Payments processing is critically important to Visa's long-term success
as we seek to deliver increased value to our clients, accelerate our growth
and diversify our sources of revenue," said Joseph W. Saunders, chairman and
CEO of Visa Inc. "Visa Processing Service will allow us to immediately and
cost-effectively enter new geographies with a scalable and high-quality
processing offering. Based on our success in the United States, we know that
issuer processing is a critical component of an integrated debit strategy.
Processing capabilities enhance Visa's ability to see and analyze each
transaction, providing greater opportunities to add value for financial
institutions, cardholders and merchants."
As part of the joint venture agreement, Visa will incorporate
Yalamanchili's technology with Visa's payments expertise and existing
processing infrastructure. Yalamanchili will provide its suite of NARADA(TM)
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.
"We have enjoyed a strong working relationship with Visa for quite some
time and look forward to partnering with them on the formation of Visa
Processing Service," said Y. Ramakrishna, founder and managing director of
Yalamanchili. "Together, we will complement each other's strengths and be able
to provide financial institutions with a first-class international processing
offering that includes unparalleled customer service and expanded product
offerings."
VPS will be headquartered in Singapore and governed by a board of
directors. The board will include Visa executives John Partridge, chief
operating officer; Rupert Keeley, global head of strategy and corporate
development; and David Lee, regional president of Asia Pacific; as well as
Yalamanchili executives Ramakrishna and P. Srinivasan, chief technology
officer. Russ Piparo, a 15-year Visa veteran, will manage the day-to-day
operations of the new venture.
About Visa Inc.: Visa Inc. operates the world's largest retail electronic
payments network providing processing services and payment product platforms.
This includes consumer credit, debit, prepaid and commercial payments, which
are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa
enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the
world's largest global ATM networks, offering cash access in local currency in
more than 170 countries. For more information, visit www.corporate.visa.com or
www.visaprocessingservice.com.
About Yalamanchili Software Exports Limited: Yalamanchili is an IT
solutions provider offering a range of software products and providing total
business solutions, in the areas of middleware technologies, transaction
processing, customer delivery channels, e-commerce, EAI applications, card
solutions and banking systems. For more information, visit
www.yalamanchili.co.in.
SOURCE Visa Inc.
- 12/02/2008
CONTACT:
Paul Cohen of Visa Inc., +1-415-932-2564, globalmedia@visa.com
Web Site: http://www.corporate.visa.com
http://www.yalamanchili.co.in