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Visa Everywhere Initiative (VEI)

Competition for USA, Canada, and International
Startups to Solve Global Business Problems

Agency Type:

Foundation / Corporation

Funding Source:

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VISA

Deadline Date:

04/30/20 11:59 PM PDT

Description:

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Competition for USA, Canada, and International fintechs and startups to find solutions to pertinent business problems. Participants must submit solutions for global business commerce issues in the digital age. Issue areas to be addressed include contract compliance, digital payments, and providing added value to Visa or Visa’s vast network of clients.

The Visa Everywhere Initiative is a global, open innovation program that tasks start-ups and fintechs to solve payment and commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners.

Fintechs and startups are invited to respond to at least one of five business challenges to deliver solutions that drive the Visa or Visa’s partners forward or use Visa’s offerings in dynamic ways. On this occasion, fintechs from all over the world are invited to participate and submit their solutions. 

Rewards from the competition include:

  • Validation: Organizations will receive recognition from one of the world’s most valuable brands.
  • Exposure: Organizations will make valuable connections in the issuer, acquirer and merchant ecosystem.
  • Monetary prize: Organizations will receive prize money they can invest in their solution.

Solution Guidelines

Solutions should be designed to meet all of the following criteria, each as determined by Visa, in its sole discretion:

  • Offers new functionality, features or tools that solve for one of the three Challenges;
  • Incorporates and addresses existing commerce/payments problems and solutions;
  • Is a potentially viable product that can be easily integrated into a pilot with Visa and partner companies

Challenge Areas

  • Challenge #1: How can Fintechs drive visibility across supply chain participants by enabling realtime commercial payments at sequential points within the supply chain and contingent upon variables such as verification of production, delivery and contract compliance? 
  • Challenge #2: How can Fintechs use digital payments and banking solutions to help consumers better manage cash flow needs without a requirement of traditional credit underwriting? 
  • Challenge #3: Using Visa’s disbursement transactions and platform, how can a startup develop a solution that helps issuing banks provide a simple way to implement, consumer friendly, API based money transfer and P2P solution?
  • Challenge #4: How can your startup leverage any NFC mobile phone with no additional hardware to onboard and enable smaller merchants to accept contactless card present payments in-store and reduce cash? 
  • Challenge #5: How would you leverage your technology in combination with some of the exponential technologies to enable new and disruptive forms of commerce? 

See the URL for Full Text for more information on the Challenge Questions.

GrantWatch ID#:

GrantWatch ID#: 159127

Estimated Total Program Funding:

$100,000

Estimated Size of Grant:

First Award recipient will be awarded a $50,000 USD award, the Second Award recipient will be awarded a $15,000 USD award, and the Third Award recipient will be awarded a $10,000 USD award. The First Award Recipient will also receive mentorship from Visa and, be invited to discuss a pilot program with Visa. Additionally, the Audience Choice Award Recipient will also be awarded a $25,000 award.

Additional Eligibility Criteria:

You may only register for the opportunity to participate in the Initiative if you are employed at a company incorporated or registered to do business in an Eligible Country at the time of registration you must be a resident of an Eligible Country as defined in Addendum A below. You must also be at least 18 years old (or at least the age of majority in your jurisdiction of residence, whichever is older) at the time of registration. In addition, employees of Visa or its designee(s) are not eligible to submit a Solution to the Initiative.

Solutions may not:
-Contain, depict, imply or refer (explicitly or otherwise) to any content that:
i. is inappropriate, objectionable, or unsuitable;
ii. disparages or refers negatively to Visa, the Initiative, or any other person or entity;
iii. unnecessarily refers to any third party (person or entity); or
iv. violates any law or any third party’s intellectual property, privacy, personality or other rights (“Third-Party Rights”)
-Conflict with any of Visa’s core values or brand guidelines, and is not otherwise objectionable to Visa;
-Contain malicious code, create an information security risk or otherwise compromise the integrity of the Solution, whether alone or integrated with any Visa experience, product or service.

Pre-Application Information:

The initial phase of the Initiative will take place via online registration and submission of your solution (“Solution”). Registrations and corresponding Solutions will be accepted from 12:00 a.m. United States Pacific Time (“PT”) on February 11, 2020 until 11:59 p.m. PT on May 30, 2020 (“Submission Period”).

Based on a number of factors, including criteria described in Section 9 below and information gained from inquiries and discussions with Solution submitters, Visa will determine up to fifteen (15) semi-finalists. Semi-finalists will have the opportunity to go to Visa Headquarters in San Francisco, CA USA on a specified date to present in front of Visa representatives (selected participants are referred to as “semi-finalists”) to determine up to five (5) Finalists (“Finalists”).

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Application: https://visaeverywhere.typeform.com/to/aomZ4j

Contact form: https://usa.visa.com/Forms/contact-us-form.html

Email: visa@kitesrm.com

URL for Full Text (RFP):

Geographic Focus:

USA: Alabama;   Alaska;   Arizona;   Arkansas;   California;   Colorado;   Connecticut;   Delaware;   Florida;   Georgia;   Hawaii;   Idaho;   Illinois;   Indiana;   Iowa;   Kansas;   Kentucky;   Louisiana;   Maine;   Maryland;   Massachusetts;   Michigan;   Minnesota;   Mississippi;   Missouri;   Montana;   Nebraska;   Nevada;   New Hampshire;   New Jersey;   New Mexico;   New York City;   New York;   North Carolina;   North Dakota;   Ohio;   Oklahoma;   Oregon;   Pennsylvania;   Rhode Island;   South Carolina;   South Dakota;   Tennessee;   Texas;   Utah;   Vermont;   Virginia;   Washington, DC;   Washington;   West Virginia;   Wisconsin;   Wyoming

USA Territories: American Samoa (USA)   Guam (USA)   Puerto Rico (USA)   Virgin Islands (USA)   Northern Mariana Islands (USA)

USA Compact Free Associations: The Federated States of Micronesia (USA)   Marshall Islands (USA)   Republic of Palau (USA)

Canada: Alberta;   British Columbia;   Manitoba;   New Brunswick;   Newfoundland and Labrador;   Northwest Territories;   Nova Scotia;   Nunavut;   Ontario;   Prince Edward Island;   Quebec;   Saskatchewan;   Yukon;

Israel

International country outside of the USA, Israel and Canada.

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