Visa Enhances Cross-Border Payment Services in Partnership with AWS

Visa has announced its collaboration with Amazon Web Services (AWS) to enhance its cross-border payment solutions, joining the AWS Partner Network (APN), according to PYMNTS. This strategic move aims to simplify the integration of Visa’s services for its partners and clients, especially cloud-native fintech companies, allowing them to incorporate Visa Cross-Border Solutions seamlessly into their existing platforms.

This integration comes at a crucial time as cross-border transactions continue to be a significant challenge for U.S. merchants. A recent study by PYMNTS Intelligence and Nuvei highlighted an 11% average failure rate for cross-border payments, a rate significantly higher among merchants engaging in international transactions. This issue is particularly pronounced in mid-sized companies, with many struggling to identify the reasons behind failed payments.

Visa’s partnership with AWS also includes joining AWS Activate, a program designed to aid startups. This inclusion will benefit members of the Visa Fintech Fast Track program, who can now receive up to $100,000 in AWS Activate, promoting the growth of digital payment solutions in the cloud.

Howard Wright, the global head of startups at AWS, expressed enthusiasm about the partnership, emphasizing its potential to make financial applications in the cloud more accessible, secure, and user-friendly.

This development follows Visa’s recent announcement of a collaboration with Standard Chartered to improve B2B cross-border payments, starting with the launch of their services in Singapore and planning further expansions in the future.

Quotes from the news release and additional comments by Howard Wright underline the significance of this collaboration in addressing the challenges of cross-border transactions and enhancing the financial technology landscape.

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