Visa has collaborated with Currencycloud to launch a new solution designed to deliver cross-border money movement solutions for banks, FinTechs, FX brokers, corporates, and other payment institutions.
The platform, known as Visa Cross-Border Solutions ombines the best of its homegrown cross-border and cash management capabilities, previously known as ‘Treasury-as-a-Service’, with solutions enabled by its acquisition of Currencycloud, he experts simplifying business in a multi-currency world.
The service operates under what the partnership describes as a ‘B2B4X’ model, meaning that the business serves other businesses, but with a strong focus on improving end-user experience.
Colleen Ostrowski, Senior Vice President and General Manager Visa Cross-Border Solutions, said: “Cross-Border offers a huge opportunity for innovation and growth. Until now it’s always been a difficult market to crack due to compliance, regulatory and technological challenges. We’re offering solutions that can overcome those challenges.
“We help with the regulatory burden while providing solutions that are flexible and easy to integrate. Our clients can then quickly ramp up to revenue generation and start seeing a return on their investment, and their end-user experience receives a massive uplift.”
Visa Cross-Border Solutions will also work with existing Currencycloud and Visa customers – including FinTechs, FX brokers, and other firms – to offer them embedded multi-currency and cross-border functionality.
The suite offers a raft of flexible modular building blocks, which can be tailored to, and easily implemented into an existing organisation’s infrastructure, via an API.
These building blocks enable a range of capabilities including receiving payments in multiple currencies, foreign exchange (FX) with persistent and real-time rates, multi-currency wallets that hold more than 30 currencies, and the ability to spend in, and send payments to, more than 180 countries and territories.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
