Less than a month after Visa Inc (NYSE:V) announced its entry into a definitive agreement to acquire fintech firm YellowPepper, Visa said it had closed the deal.

YellowPepper is a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups in Latin America and the Caribbean. The acquisition, which is the first of its kind for Visa in the region, accelerates the adoption of Visa’s ‘network of networks’ strategy, to become a single point of access for initiating multiple transaction types and enabling the secure movement of money.

With a rich set of APIs, YellowPepper’s proven brand-agnostic platform enables issuers, processors and governments to quickly and securely access multiple payment rails for many payment flows through one single connection.

The combination of both businesses is expected to reduce issuers’ and processors’ costs and time to launch financial services. With YellowPepper, clients can enable new use cases and expand Visa’s value added services, such as tokenization, identity validation, authentication and risk tools to deliver an integrated user experience. In addition, the acquisition will also facilitate an easier integration with Visa Direct, Visa’s real-time push payments platform, and Visa B2B Connect, Visa’s non-card-based cross-border B2B payment network.

Featured Image: Serge Elkiner, CEO & Founder of YellowPepper and Eduardo Coello, Regional President for Visa Latin America and the Caribbean. (Photo: Business Wire)