Visa has leveraged its acquisition of Currencycloud to launch a new global cross-border money movement service for banks, fintechs, FX brokers, corporates, and other payment institutions.
The new Visa business folds its ‘Treasury-as-a-Service’ operations into Currencycloud's API-based embedded foreign exchange platform.
It offers a suite of modular building blocks which can be integrated with a company’s existing technology infrastructure. APIs are available for a range of capabilities including receiving payments in multiple currencies, foreign exchange (FX) with persistent and real-time rates, multi-currency wallets that hold more than 30 currencies, and the ability to spend in, and send payments to, more than 180 countries and territories.
Colleen Ostrowski, SVP and general manager, Visa Cross-Border Solutions, says: “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”.
Visa completed the $700 million acqusition of Currencycloud in December 2021.