Visa launches ‘Visa Flexible Credential’ with Eastern Bank

Visa, the global leader in digital payment solutions, has entered into a partnership agreement with Eastern Bank PLC (EBL) to launch "Visa Flexible Credential (VFC)", also known as Flex, with the aim of offering cardholders greater financial flexibility and convenience.

Visa Flex enables a single Visa credential, the 16-digit number unique to each issued card, to be linked to multiple funding sources, delivering a seamless and sophisticated financial management experience for users.

Sabbir Ahmed, country manager for Bangladesh, Nepal, and Bhutan at Visa, and Ali Reza Iftekhar, managing director and chief executive officer of EBL, signed the agreement at a recent ceremony held in Dhaka, according to a press release.

Speaking at the event, Ahmed said: "This solution is poised to transform how our cardholders manage their payments, granting them enhanced control and flexibility across both debit and credit transactions."

He added, "We believe Visa Flex will greatly enrich the consumer experience, reinforcing our commitment to advancing and expanding digital payment solutions in Bangladesh."

Iftekhar remarked, "This strategic alliance between EBL and Visa, culminating in the launch of EBL Visa Flex, represents a significant milestone in our ongoing journey to innovate."

"With this pioneering offering, our customers can access funds from multiple accounts via a single credential, streamlining their banking experience."

He concluded, "This initiative underscores our commitment to simplifying financial services and enriching our customers' everyday banking experience."

Through Flex, EBL cardholders will be able to link various types of funding accounts, including savings, credit, and prepaid, under one unified card.

This feature empowers users to manage their finances more efficiently by applying intelligent rules for transactions, such as routing purchases to specific accounts based on variables like transaction amount or currency.

Moreover, Flex will enhance the value proposition by enabling customers to accumulate and redeem rewards across multiple programmes using a single credential.