Credit card giant Visa (NYSE:V) is deepening its relationship with multi-currency payment processing and transactions specialist Planet Payment (NASDAQ:PLPM).
The two are collaborating to beef up Visa's accelerated connection platform (ACP).
Visa will be offering Planet Payment’s global transaction processing platform to support a back-end settlement solution for acquirers and merchants using Visa’s ACP. This joint initiative will deliver a quick-to-market solution that allows acquirers and merchants to enjoy the benefits that flow from ACP with minimal changes to existing processing systems, Planet Payment told investors.
Visa and Planet Payment first worked together to deliver automated teller machine (ATM) processing solutions to new customers in Myanmar, and then the couple also hooked up in Mexico to support Visa's project with Mexican bakery giant Grupo Bimbo.
Planet Payment said the latest deal marks a significant expansion of its partnership with the credit card giant.
“Planet Payment shares Visa’s vision that payment processing is more than simply allowing merchants to accept payment for goods or services - it is about providing tools that create new business opportunities, improve efficiency and create more convenience to consumers,” said Carl Williams, chief executive officer of Planet Payment.
“We look forward to working with Visa to deploy innovative payment solutions and infrastructure to drive card acceptance and deliver value-added services merchants can use to increase sales and customer satisfaction in emerging and frontier markets across the globe,” he added.
Shares in Planet Payment shot up 10.7% to $2.90 on the news.