Latino-focused neobank Pana has joined Visa’s FinTech Fast Track program as part of its integration with the card-issuing payments giant that will increase Pana’s reach, capabilities and security through the VisaNet global payment network, according to a Tuesday (Feb. 22) press release.
Pana’s Fast Track program membership will allow the company to “address key pain points millions of Hispanics in the USA have experienced when it comes to banking and money management,” the release stated.
“Among the Hispanic community, banking is a group thing — it is experienced through a communal approach to expenses and family sharing,” said Pana CEO and Co-Founder Piero Núñez-del Risco in the release. “That’s why we are building an easy to open digital bank account through which users with shared needs can connect and perform basic banking transactions currently outside their reach.”
Piero, former head of Scotiabank’s Digital Factory in the Caribbean and Central America, will lead the team working with Visa’s FinTech Fast Track program with Pana Chief Technology Officer and Co-Founder Luis Peña, the release stated.
Visa’s FinTech Fast Track Program allows startups to access Visa’s partner network and a team of experts to get their businesses going “in the most efficient way possible,” according to the release.
“By joining Visa’s Fast Track program, exciting FinTechs like Pana gain unprecedented access to Visa experts, technology and resources,” said Visa Senior Vice President and Global Head of FinTech Terry Angelos in the release. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
In January, Zebec, the first continuous and programmable cash stream protocol on the Solana blockchain, announced it had joined the Visa FinTech Fast Track Program, making it the first Solana project admitted into the program.
Read more: Cash Stream Protocol Zebec Joins Visa Program
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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