Fraedom, a company that offers the technology of Software-as-a-Service and provides solutions for payments and transaction management for clients including financial institutions and other corporate customers would be acquired by Visa. The latter made announcement recently.
Visa IntelliLink Spend Management which is a core platform that caters to the needs of Visa’s commercial and small-business clients makes use of the technology of Fraedom as the later has been partner with Visa for almost ten years now. Visa says that the growing and fast changing demands and needs of its B2B payments industry would be addressed by the acquisition as the business suite of solutions offered by Visa would be strengthened and expanded by the acquisition.
Products and services that include expense management and accounts payable solutions which are related to transaction management are offered by Fraedom. Globally, technology companies, governments, processors, payment networks and financial institutions have been catered to by Fraedom’s products and services for more than 17 years. Critical tasks are allowed to be completed quickly and automatically by the corporate uses and clients of the company through its mobile-first experiences.
“Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools,” said Vicky Bindra, global head of products and solutions, Visa. “This strategic acquisition allows Visa to offer a more comprehensive business solution to our corporate clients that is innovative, global, highly configurable and intuitive for their employees.”
“We couldn’t be more excited to join the Visa family,” said Kyle Ferguson, CEO, Fraedom. “The combination of Visa’s leadership, reach and deep knowledge of digital payments, coupled with our expertise in the B2B market for our growing customer base, will allow us to better service businesses around the world with fast, secure and robust commercial payments solutions.”
It is expected that the deal would get completed by the first quarter of 2018 subject to regulatory clearance
Visa Inc. is a global leader in the digital payments segment. The company claims that the most innovative, reliable and secure payment network are provided by it to the customers. It connects individuals, businesses and economies. With the capacity to take care of more than 65,000 transaction messages a second, secure and reliable payments all throughout the world is provided by VisaNet, an advanced global processing network by Visa.
On the other hand, the solutions provided by Fraedom helps institutions for card management and enhanced payment efficiency with the use of advanced invoice payment feature. The technology of card statementing gives the clients of the company complete visibility of their card purchases even while transaction data reports re also provided in detail. the web-based platform of Fraedom has handled more than one billion transactions since the company was set up in 1999. The total value of the managed transactions is just under $270 billion (USD). More than 173,000 firms have made use of the technology of Fraedom.
(Adapted from Bubsinesswire.com)