In order to provide cross-border money movement solutions for banks, fintechs, FX brokers, corporates, and other payment institutions, Visa Inc. and Currencycloud, the experts in streamlining business in a multi-currency world, today launched Visa Cross-Border Solutions.
The best of Visa’s in-house cross-border and cash management capabilities, formerly known as “Treasury-as-a-Service,” are combined with solutions made possible by its acquisition of Currencycloud in Visa Cross-Border Solutions. Visa Cross-Border Solutions follows a business model it refers to as “B2B4X”: it offers services to other companies while placing a priority on enhancing the end-user experience.
The end-user can be anyone who wants to send money to family members who live abroad and needs fair and open FX rates. Or it might be a small to medium-sized business (SMB) that wants to receive payment from a foreign client without intermediaries charging hidden fees.
Visa Cross-Border Solutions provides a collection of modular building blocks that are simple to incorporate into an organization’s current technological infrastructure. An application programming interface, or API, is used for this. These foundational pieces make it possible to do a variety of things, such as accept payments in multiple currencies, use persistent and real-time foreign exchange (FX) rates, create multi-currency wallets that can store over 30 different currencies, and send and receive money from and within more than 180 different countries and territories.
Visa Cross-Border Solutions will collaborate with other Visa divisions as well as current Visa and Currencycloud clients, including corporates, fintechs, FX brokers, and other businesses that want to provide their clients with embedded multi-currency and cross-border functionality. These clients include businesses outside of the traditional banking sector.
Colleen Ostrowski, Senior Vice President and General Manager 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 to revenue generation and start seeing a return on their investment, and their end-user experience receives a massive uplift”.
Aleks Stefanovski, Vice President Strategy and Business Operations, Visa Cross-Border Solutions said: “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”.