Visa and Currencycloud have launched ‘Visa Cross-Border Solutions’, delivering cross-border money movement solutions for a multitude of financial sectors.
The new Visa business combines its homegrown cross-border and cash management capabilities, previously known as ‘Treasury-as-a-Service’, with solutions enabled by its acquisition of Currencycloud.
Visa Cross-Border Solutions operates on a ‘B2B4X’ model, meaning the business serves other businesses, with a strong focus on improving end-user experience.
Colleen Ostrowski, Senior Vice President and General Manager of 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 revenue generation and start seeing a return on their investment, and their end-user experience receives a massive uplift”.
Banks, fintechs, FX brokers, corporates, and other payment institutions will be able to access the new offering by integrating a suite of modular building blocks via its existing technology infrastructure.
The integrated building blocks enable a range of capabilities, including receiving payments in multiple currencies, foreign exchange (FX) with 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.
Outside of traditional banking, Visa Cross-Border Solutions will also work with existing Visa and Currencycloud merchants who want to offer embedded multi-currency and cross-border functionality to their customers.
Aleks Stefanovski, Vice President Strategy and Business Operations of Visa Cross-Border Solutions, added: “In launching Visa Cross-Border Solutions, our focus has been on bringing out the best of Visa and Currencycloud: blending reliability, security, and innovation. It’s the scale of Visa with the agility of Currencycloud.
“Most importantly, we’ve been laser-focused on building a suite of tools that are suitable for the kinds of companies we work with – all of which are held to high standards on compliance, security and customer experience”.
