Visa and Currencycloud Unveil Visa Cross-Border Solutions: Improving Global Money Movement

In a groundbreaking move, Visa and its fintech subsidiary, Currencycloud, have introduced Visa Cross-Border Solutions, a comprehensive suite of cross-border financial tools tailored for the modern financial landscape, writes Louis Thompsett in Fintech Magazine. This joint endeavor aims to streamline cross-border transactions by offering an innovative solution that overcomes the hurdles of compliance, regulations, and technology challenges.

Colleen Ostrowski, SVP and General Manager of Visa Cross-Border Solutions, expressed the significance of this launch, stating, «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.»

Visa Cross-Border Solutions is set to revolutionize the global payments landscape by providing a wide range of cross-border payment solutions. These tools cater to banks, fintechs, FX brokers, corporates, and various other payment institutions. Leveraging Visa’s expertise in cross-border transactions and Currencycloud’s facilitation capabilities, this portfolio of solutions offers a transformative approach to international money movement.

The individual solutions within the portfolio are modular, allowing seamless integration with existing technology systems of organizations. This adaptability ensures that Visa Cross-Border Solutions can be easily customized to meet the unique needs of each client.

Visa’s new offering combines its cross-border and cash management capabilities, formerly known as ‘Treasury-as-a-Service,’ with the solutions provided by Currencycloud. Operating under a B2B4X model, Visa Cross-Border Solutions prioritizes not only serving businesses but also enhancing the end-user experience.

This customer-centric approach allows organizations to tailor the end-user experience to suit specific needs. Whether it’s individuals seeking competitive and transparent FX rates for remittances or SMBs looking to receive international payments without intermediaries imposing opaque fees, Visa Cross-Border Solutions delivers a flexible and transparent experience.

The introduction of an API enables organizations to seamlessly integrate modular building blocks from the Visa Cross-Border Solutions product portfolio into their existing technology infrastructure. These building blocks offer a wide range of capabilities, including multi-currency payment reception, real-time FX rates, support for over 30 currencies, and the ability to send payments to over 180 countries.

Colleen Ostrowski further emphasized, «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.»

Aleks Stefanovski, Visa Cross-Border Solutions VP of Strategy and Business Operations, highlighted the unique blend of Visa’s scale and Currencycloud’s agility. «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 is immediately accessible to Visa and Currencycloud customers who aim to provide embedded multi-currency and cross-border functionality to their clientele. This innovative offering is set to reshape the landscape of cross-border financial services, driving efficiency, transparency, and customer satisfaction in an increasingly interconnected world.