Visa and Currencycloud have introduced Visa Cross-Border Solutions, a platform designed to simplify cross-border money transfers for financial institutions such as banks, fintech companies, foreign exchange (FX) brokers, corporations, and other payment providers.
The platform aims to streamline international financial transactions with a focus on user experience.
Visa Cross-Border Solutions merges Visa’s existing cross-border and cash management capabilities with solutions resulting from Visa’s acquisition of Currencycloud. Operating on a ‘B2B4X’ model, it primarily serves businesses but also prioritises improving the end-user experience.
End users encompass a diverse group, from individuals seeking transparent FX rates for remittances to small and medium-sized businesses (SMBs) looking to receive international payments without intermediary fees.
Cross-Border
The platform offers modular building blocks that integrate seamlessly with a company’s existing technology infrastructure via an application programming interface (API).
These blocks enable businesses to perform tasks such as receiving payments in multiple currencies, engaging in foreign exchange (FX) with real-time rates, utilising multi-currency wallets, and conducting transactions with more than 180 countries and territories.
Visa Cross-Border Solutions will collaborate with various Visa divisions and partner with existing Visa and Currencycloud customers, including corporations, fintech firms, FX brokers, and other enterprises.
Colleen Ostrowski, senior vice president and general manager of Visa Cross-Border Solutions, commented: “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, vice president of strategy and business operations at Visa Cross-Border Solutions, also added: “It’s the scale of Visa with the agility of Currencycloud. 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”.
