Following this announcement, the new product is set to deliver cross-border money movement services for fintechs, financial institutions, banks, FX brokers, corporates, and other payment institutions. Moreover, it was designed by combining cross-border and cash management offerings and capabilities, known previously as the `Treasury-as-a-Service`, with solutions that were enabled by the acquisition of Currencycloud.
Visa Cross-Border Solutions also operates on the `B2B4X` model, meaning that the business services other firms and enterprises, with a strong focus on improving the overall end-user experience. In addition, it provides a suite of modular building blocks to customers, which can be easily and securely incorporated with a company’s already existing technology infrastructure. The process is done with an application programming interface or an API.
The building blocks are set to enable a range of offerings and capabilities to clients, such as foreign exchange (FX) with persistent and real-time rates, receiving payments in multiple currencies, multi-currency wallets that have over 30 currencies, as well as the possibility to spend in and send transfers to over 180 countries and areas around the world.
Visa Cross-Border Solutions will work with other Visa divisions, as well as existing Visa and Currencycloud clients, such as fintechs, corporates, banks, and other companies, in order to provide their clients with embedded multi-currency and cross-border functionality.
American multinational payment card solutions company Visa had several partnerships and product launches in the last couple of months, covering multiple geographies around the globe.
In September 2023, UK-based cloud payment technology provider Form3 announced that Visa invested in the cloud-native A2A platform, facilitating the expansion of Form3. The news followed the announcement that Form3 was set to give Visa’s clients and customers access to their payments platform, in order to enable them to modernise their overall payments’ infrastructure.
The commercial collaboration aimed to bring the firms’ offerings and capabilities together, in a common effort to reduce high levels of fraudulent activities in real-time account-to-account (A2A) payments, which included the process of building on Form3’s single API connectivity.
Earlier in the same month, Visa extended its partnership with Cashflows in order to amplify authorisation rates and to offer users instant payouts and international payment capabilities. By connecting with Cashflows, clients were given the possibility to access a new community of collaborators and an ecosystem of solutions. The focus was on enabling Cashflows to scale faster and deliver an optimised overall customer experience, while also increasing its reach.
The rollout of Cybersource’s tools was set to commerce over the following weeks, aiming to provide clients with access to efficient, secure, and fast services for their payment needs, preferences, and demands.
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