Visa and Currencycloud Collaborate to Enhance Cross-Border Money Movement
Visa and Currencycloud have joined forces to introduce a suite of products that aims to simplify cross-border money movement for various institutions.
The collaboration combines Visa’s existing cross-border capabilities with Currencycloud’s expertise in multi-currency business facilitation, Visa said in a Wednesday (Sept. 13) press release emailed to PYMNTS. Visa completed its acquisition of Currencycloud in December 2021.
The primary focus of the new Visa Cross-Border Solutions offerings is to enhance the end-user experience, serving businesses in a B2B capacity, according to the release. The product suite targets a wide range of institutions, including banks, FinTechs, foreign exchange (FX) brokers, corporates and other payment institutions.
It offers modular building blocks that can be seamlessly integrated into existing technology infrastructure through an application programming interface (API), the release said. This integration allows businesses to receive payments in multiple currencies, with real-time FX rates accessible through the platform. Multi-currency wallets supporting more than 30 currencies are also available.
Visa Cross-Border Solutions provides a tool for individuals sending remittances and small and medium-sized businesses (SMBs) receiving international payments, per the release. It offers competitive and transparent FX rates for remittances. SMBs can receive international payments without intermediaries charging hidden fees.
“Cross-Border offers a huge opportunity for innovation and growth,” Colleen Ostrowski, senior vice president and general manager of Visa Cross-Border Solutions, said in the release. “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.”
Aleks Stefanovski, vice president of strategy and business operations at Visa Cross-Border Solutions, emphasized the collaboration’s goal of delivering a suite of tools that meet high standards of compliance, security and customer experience.
“In launching Visa Cross-Border Solutions, our focus has been on bringing out the best of Visa and Currencycloud: blending reliability, security and innovation,” Stefanovski said. “It’s the scale of Visa with the agility of Currencycloud.”
Cross-border money movement has been a growing business at Visa. For example, Visa B2B Connect, the payment firm’s non-card-based payment network that enables bank-to-bank cross-border business transactions, continues to gain momentum. The company reported in April that it had signed roughly 30 banks across 20 countries during the previous six months.
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