Partnering with an existing Visa client licensee to sponsor your program can provide you with a quick simple method to gaining access to Visa’s network and systems for your program to begin distributing Visa accounts.
Here are some important details to consider on how to partner. Firstly, a Program Sponsor is a client of Visa with a license and rights to issue accounts or acquire transactions in one or more markets with responsibility for providing access to the VISA network, transaction settlement obligations and for other regulatory compliance. They are also responsible for the submission, approval and compliance of any of their programmes through the Visa network.
Within Asia Pacific, a program sponsor may include non-financial institutions but is typically domiciled in the country for which it is sponsoring programs with partners. I.e. a partner wishing to distribute Visa accounts in Singapore would have a Program Sponsor domiciled in Singapore to ensure they can meet local regulatory requirements.
Program Sponsorship addresses organizations who wish to run their own card programs, but do not have the need to become a full licensed Visa client licensee.
Identifying the most appropriate program sponsor to complement and support your business plans requires a deliberate approach with the following considerations to begin with;
- Do the strategic goals of the organization align to your own?
- What technical and operational capabilities exist to support your programs functional requirements?
- What existing relationships do they have to complement your business priorities?
- How easily would it be to develop a commercial relationship?
- Do they have a suitable track record?
To find out more about Program Sponsorship, contact Visa