Visa Partners with AWS to Enhance Global Payments

In a strategic move to enhance cross-border payments, Visa has teamed up with Amazon Web Services (AWS) Partner Network (APN). This collaboration aims to streamline processes for Visa’s partners and clients, particularly cloud-native fintech companies, facilitating more efficient access and integration of select Visa services, as highlighted in PYMNTS.

According to a recent news release by Visa, the integration with AWS will debut with the availability of Visa Cross-Border Solutions. This service is designed to simplify cross-border transactions and currency management, allowing Visa’s clients to seamlessly integrate it into their existing platforms without disruption.

The collaboration between Visa and AWS comes at a crucial time, as cross-border payments pose significant challenges for U.S. merchants. Research conducted by PYMNTS Intelligence and Nuvei highlights that merchants focused on international sales face an average cross-border payment failure rate of 11%. This challenge is particularly pronounced for mid-sized firms, with 82% struggling to diagnose the causes of payment failures.

In response to these challenges, Visa aims to leverage its partnership with AWS to expand its product offerings for clients operating in the cloud. Additionally, Visa has joined AWS Activate, AWS’s flagship startup program, enabling eligible members of the Visa Fintech Fast Track program to receive up to $100,000 in AWS Activate benefits.

Howard Wright, global head of startups at AWS, expressed enthusiasm about the collaboration, emphasizing their support for the growth of digital payments and embedded finance capabilities on AWS. Wright highlighted their commitment to making financial applications in the cloud more accessible, secure, and user-friendly.

This announcement follows Visa’s recent partnership with Standard Chartered to facilitate cross-border B2B payments for the bank’s corporate clients. Standard Chartered has joined Visa B2B Connect, Visa’s multilateral payment network, becoming its new settlement partner for select currencies. The solution will initially roll out in Singapore, with plans for expansion to additional entities in the coming months.

As Visa continues to innovate and collaborate with industry leaders like AWS and Standard Chartered, the future of cross-border payments looks promising, with enhanced efficiency and accessibility for businesses worldwide.

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