Visa collaborates with Currencycloud to launch Visa Cross-Border Solutions

Visa in collaboration with Currencycloud, which it acquired in late 2021, has launched Visa Cross-Border Solutions. The new package is meant for fintechs, banks, FX brokers, and other payment institutions.

Visa Cross-Border Solutions

Visa Cross-Border Solutions combines Visa’s ‘Treasury-as-a-Service’ operations with Currencycloud’s API-based embedded foreign exchange platform. The resultant package will offer a suite of modular building blocks that a company can seamlessly integrate into its existing technology infrastructure via an API.

The building blocks will bolster an array of capabilities that include receiving payments in several currencies, FX with real-time rates, and multi-currency wallets holding over 30 currencies. The currencies can be spent or sent to over 180 nations.

Visa Cross-Border Solutions’ general manager, Colleen Ostrowski stated, “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”.

Visa’s key competitor, Mastercard is also keen on bolstering its cross-border payments capabilities. In its latest move, the payments giant has expanded its partnership with Paysend to enhance cross-border payments for SMEs looking for efficient ways to send or receive funds across the globe. Paysend was listed in Financial Times’ FT 1000 as one of Europe’s fastest growing companies of 2023.

At the same time, Paysend has become part of the Mastercard Send Partner Program. The program aids fintechs and other platforms to deliver fast digital payments to their customers. Through Mastercard’s network reach, Paysend is set to launch additional corridors between Europe and other parts of the world for P2P transactions.