Visa and Currencycloud launch Cross-Border Solutions

Visa and Currencycloud have launched Visa Cross-Border Solutions, a portfolio of cross-border money movement tools for financial organisations

Payments giant Visa, alongside its fully-acquired fintech subsidiary Currencycloud, has launched Visa Cross-Border Solutions.

The product suite will deliver a range of cross-border payment solutions for banks, fintechs, FX brokers, corporates, and other payment institutions, combining Visa’s cross-border expertise and Currencycloud’s cross-border facilitation capabilities.

The portfolio’s individual solutions are made up of modular building blocks that can be integrated with a company’s existing technology.

Launching Visa Cross-Border Solutions

The new solution offered by Visa combines the financial service provider’s homegrown cross-border and cash management capabilities, formerly known as ‘Treasury-as-a-Service’, with solutions made available through Currencycloud, a wholly-owned subsidiary of Visa.

Operating on what Visa calls a B2B4X model, Visa Cross-Border Solutons is designed to serve other businesses, but with an eye on improving the end-user experience.

With this in mind, the end-user experience can be altered depending on the nature of an organisations end-user, whether they be someone who needs competitive and transparent FX rates when sending remittances to family abroad or an SMB that wants to receive payment from an international customer without intermediaries charging opaque fees.

An API will allow organisations to integrate specific modular building blocks from the wider Visa Cross-Border Solutions product portfolio into their existing technology infrastructure.

Individual building blocks enable a range of capabilities – from receiving payments in multiple currencies to FX with persistent and real-time rates, as well as multi-currency wallets that hold over 30 currencies and the ability to send payments to over 180 countries.

SVP and General Manager of Visa Cross-Border Solutions, Colleen Ostrowski, says: “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 VP of Strategy and Business Operations, adds: “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 will be immediately available to Visa and Currencycloud customers who want to offer embedded multi-currency and cross-border functionality to their customers.