Visa Inc. and Currencycloud, renowned experts in the complex world of multi-currency financial services, have made a significant leap forward with the launch of Visa Cross-Border Solutions. This groundbreaking platform is poised to redefine cross-border money movement, offering an array of cutting-edge solutions to enhance the global financial ecosystem.
Visa Cross-Border Solutions brings together the strengths of Visa’s homegrown cross-border and cash management capabilities, previously known as ‘Treasury-as-a-Service,’ with the capabilities enabled by Currencycloud, a company acquired by Visa. Operating under the banner of a ‘B2B4X’ model, this platform is dedicated to serving businesses while prioritizing the improvement of the end-user experience.
The target audience for Visa Cross-Border Solutions is as diverse as the financial world itself. It caters to individuals seeking competitive and transparent foreign exchange rates when sending remittances to family members overseas, as well as small and medium-sized businesses (SMBs) seeking to receive international payments without the burden of opaque intermediary fees.
Visa Cross-Border Solutions offers a modular suite of building blocks that seamlessly integrate into a company’s existing technology infrastructure through an application programming interface (API). These building blocks unlock a wide range of capabilities, including the ability to receive payments in multiple currencies, access foreign exchange services with persistent and real-time rates, utilize multi-currency wallets supporting over 30 currencies, and facilitate spending and payments in more than 180 countries and territories.
Beyond traditional banking, Visa Cross-Border Solutions will collaborate with other Visa divisions and serve existing Visa and Currencycloud customers, including corporates, fintechs, FX brokers, and other enterprises interested in incorporating embedded multi-currency and cross-border functionality into their services.
Colleen Ostrowski, Senior Vice President and General Manager of Visa Cross-Border Solutions, remarked, “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 alleviate the regulatory burden while providing flexible and easy-to-integrate solutions. Our clients can quickly ramp up revenue generation, and their end-user experience receives a significant boost.”
Aleks Stefanovski, Vice President of Strategy and Business Operations at Visa Cross-Border Solutions, emphasized the collaborative spirit behind this launch, saying, “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.”
Visa Cross-Border Solutions represents a paradigm shift in the world of cross-border financial transactions, offering a versatile and user-centric approach that promises to simplify international money movement for all stakeholders involved. As the financial industry continues to evolve, this collaborative effort between Visa and Currencycloud is poised to make a lasting impact.
