Visa taps Currencycloud for Cross-Border offering

Visa, the global payments behemoth, has teamed up with its fintech subsidiary, Currencycloud, to introduce Visa Cross-Border Solutions, an expansive suite of tools designed to facilitate cross-border money movement for financial entities. This strategic move underscores Visa’s commitment to leveraging its extensive cross-border expertise in collaboration with Currencycloud’s proficiency in cross-border facilitation. The offering, tailored to cater to banks, fintech firms, foreign exchange (FX) brokers, corporations, and other payment institutions, aims to streamline cross-border payment processes.

Visa Cross-Border Solutions comprises an array of individual solutions, constructed as modular building blocks. These components can be seamlessly integrated into an organisation’s existing technological infrastructure, enabling flexibility and customisation to meet specific requirements.

This initiative brings together Visa’s in-house cross-border and cash management capabilities, previously branded as ‘Treasury-as-a-Service,’ with Currencycloud’s expansive suite of solutions. Operating on a B2B4X model, Visa Cross-Border Solutions primarily serves other businesses, with an unwavering focus on enhancing the end-user experience. The solutions offered can be tailored to suit a diverse range of end-users, spanning individuals seeking competitive and transparent FX rates for international remittances to small and medium-sized businesses (SMBs) eager to receive payments from international customers sans the burden of opaque fees charged by intermediaries.

An integral component of this offering is an Application Programming Interface (API) that empowers organisations to seamlessly integrate specific modular building blocks from the comprehensive Visa Cross-Border Solutions portfolio into their existing technological infrastructure. These building blocks unlock a spectrum of capabilities, encompassing the receipt of payments in multiple currencies, access to FX services with real-time rates, multi-currency wallets supporting over 30 currencies, and the ability to facilitate payments to more than 180 countries.

Colleen Ostrowski, Senior Vice President and General Manager of Visa Cross-Border Solutions, articulated the significance of this development, stating, “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.”

Aleks Stefanovski, Visa Cross-Border Solutions Vice President of Strategy and Business Operations, 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.”

Visa Cross-Border Solutions is poised to be swiftly adopted by Visa and Currencycloud clients keen on offering embedded multi-currency and cross-border functionality to enhance their service offerings to customers. This strategic alliance between Visa and Currencycloud signifies a significant stride toward simplifying and enhancing cross-border financial transactions, underscoring the ever-evolving landscape of global finance.