Banks will now be able to bypass the complexities associated with deploying a cross-border payment solution due to Finastra‘s recent banking-as-a-service (BaaS) collaboration with Visa.
The fintech will implement Visa Direct into its payments hub solution, allowing its bank customers to access cross-border payout capabilities for small and medium-sized businesses and individuals across multiple currencies and countries.
Speaking on the BaaS partnership, the fintech’s EVP of its payments business unit, Barry Rodrigues, explains how it will “allow banks to offer their customers greater choice in how to route cross-border payments, with banks essentially embedding Visa products.”
The out-of-the-box processing capability offered by the fintech’s payments hub solutions, enabled by Visa Direct – which provides access to around two billion accounts through push-to-account offerings – will connect banks with the Visa network through the fintech’s FusionFabric.cloud open development platform.
Finastra has confirmed that the capability will be available both on-premises and in the cloud as software-as-a-service (SaaS).
Recognising the pace of innovation in cross-border money movement, Ruben Salazar Genovez, SVP, global head of Visa Direct, emphasises how banks are coming under increasing pressure to implement and launch programmes to meet their customers’ expectations.
“We are excited to partner with Finastra to support the enablement of their bank customers worldwide with simple access to Visa Direct,” he comments.
“Together, we are bringing benefits of our global network to thousands of banks globally, providing a wide range of new and existing case studies to clients.”