editorial
Visa Inc. and Currencycloud have announced the launch of Visa Cross-Border Solutions, a platform that provides cross-border money movement solutions for various financial institutions. This offering combines Visa’s cross-border and cash management capabilities with Currencycloud’s solutions to improve the end-user experience.
Visa Cross-Border Solutions follows a ‘B2B4X’ model, focusing on serving businesses while prioritizing user experience. The end-users can range from individuals looking for competitive foreign exchange (FX) rates when sending remittances to small and medium-sized businesses seeking transparent payment solutions from international customers.
The platform offers a suite of modular building blocks that can be easily integrated with existing technology infrastructure through an application programming interface (API). These building blocks enable capabilities such as receiving payments in multiple currencies, real-time FX rates, multi-currency wallets supporting over 30 currencies, and the ability to send payments to over 180 countries and territories.
Visa Cross-Border Solutions will collaborate with other Visa divisions and work alongside existing Visa and Currencycloud customers, including corporates, fintechs, and FX brokers, to provide multi-currency and cross-border functionality to their customers.
Colleen Ostrowski, Senior Vice President and General Manager of Visa Cross-Border Solutions, stated that this platform addresses the compliance, regulatory, and technological challenges that have traditionally hindered innovation and growth in the cross-border market. By offering flexible and easy-to-integrate solutions, Visa aims to help its clients generate revenue and enhance the end-user experience.
Aleks Stefanovski, Vice President Strategy and Business Operations at Visa Cross-Border Solutions, expressed excitement about the launch, highlighting the platform’s ability to overcome market challenges and provide a significant uplift to the end-user experience.
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